Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹2 million on Axis Bank Limited on January 29, 2019. The bank was found to have contravened RBI directions contained in the Master Circular on Detection and Impounding of Counterfeit Notes and the circular on Sorting of Notes – Installation of Note Sorting Machines. RBI said the penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, and clarified that the action was based on deficiencies in regulatory compliance.