HDFC Bank, Axis Bank Share Price: After RBI’s action, shares of HDFC Bank and Axis Bank came in the red in early trade. On the other hand, Bank Nifty is also under pressure. All the 12 stocks included in this index are in the red. Shares of IndusInd Bank, ICICI Bank, HDFC Bank, Kotak Bank, Axis Bank, PNB, State Bank of India, AU Bank, Bank of Baroda, Federal Bank and IDFC First Bank were trading in the red in the morning session.
HDFC and Axis Bank fined Rs 2.91 crore
Let us tell you that the Reserve Bank of India (RBI) has imposed a total fine of Rs 2.91 crore on Axis Bank and HDFC Bank for deficiencies in regulatory and statutory compliance. Its effect is being seen on banking stocks today.
Axis shares fell to Rs 1182.50
Axis Bank shares fell 0.40 percent to Rs 1182.50. While, HDFC Bank fell 0.51 percent. It was trading at Rs 1641.90 at around 9:30 am. At the same time, Bandhan Bank was trading at Rs 197.58 with a decline of 1.23 percent.
Why were both banks fined?
Axis Bank has been fined Rs 1.91 crore for violations related to the Banking Regulation Act and non-compliance with directions on ‘Interest Rate on Deposits’, KYC and Credit Flow for Agricultural Collateral Free Agricultural Loans’.
HDFC Bank, on the other hand, received a fine of Rs 1 crore for non-compliance of directions related to ‘interest rates on deposits’, ‘recovery agents’ and ‘customer service’. The fines were imposed on Axis Bank following a supervisory evaluation conducted by the RBI and a review of HDFC Bank’s operations till March 31, 2023.
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