Axis Bank and HDFC Bank face penalties from the RBI for their noncompliance with regulations.

Axis Bank and HDFC Bank have been hit with penalties of Rs 2.91 crore by the Reserve Bank of India for noncompliance with laws and regulations. HDFC Bank has been fined Rs 1 crore, and Axis Bank faces a penalty of Rs 1.91 crore. The fines deal with problems pertaining to interest rates, KYC standards, and customer support.

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