The Reserve Bank of India (RBI) has imposed a total penalty of Rs. 2.91 crore on Axis Bank and HDFC Bank for certain non-compliance with statutory and regulatory requirements.

Axis Bank has been penalized Rs. 1.91 crore for violating certain provisions of the Banking Regulation Act, and the 'Interest Rate on Deposits', 'Know Your Customer (KYC)' and 'Agri-Bailless Credit Flows to Agricultural Credit' norms.

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HDFC Bank has been fined Rs. 1 crore for non-compliance with certain guidelines on 'interest rate on deposits', 'recovery agents employed by the bank', and 'customer service at the bank'.

The RBI said that the penalty was imposed for non-compliance with statutory and regulatory requirements and does not imply any finding on the legality of any transactions or agreements entered into by banks with customers.

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(With PTI's input)