Axis Bank has been dropped from the Reserve Bank of India (RBI)'s list of authorized to import bullion (gold and silver) for the financial year 2018-19. For this financial year, the RBI has released a list of 16 banks including scam-hit Punjab National Bank and controversy-hit ICICI Bank. The central bank did not mention the reason for dropping the bank from the list.
The decision to drop Axis Bank came a day after the RBI asked the bank to re-look at the three-year fourth term offered to Shikha Sharma as the managing director and chief executive. During Shikha Sharma's tenure, NPAs at the bank rose over fivefold to over 5.3% in the December 2017 quarter.
Last month, the RBI had slapped a fine of Rs 3 crore on Axis Bank for violation of NPA classification norms. Similar fines were also slapped on other banks such as Indian Overseas Bank and the State Bank of India (SBI) for non-compliance with various norms.
Axis Bank barred from importing bullion
By IndianMandarins - 2018-04-05 07:00:23
Axis Bank has been dropped from the Reserve Bank of India (RBI)'s list of authorized to import bullion (gold and silver) for the financial year 2018-19. For this financial year, the RBI has released a list of 16 banks including scam-hit Punjab National Bank and controversy-hit ICICI Bank. The central bank did not mention the reason for dropping the bank from the list.
The decision to drop Axis Bank came a day after the RBI asked the bank to re-look at the three-year fourth term offered to Shikha Sharma as the managing director and chief executive. During Shikha Sharma's tenure, NPAs at the bank rose over fivefold to over 5.3% in the December 2017 quarter.
Last month, the RBI had slapped a fine of Rs 3 crore on Axis Bank for violation of NPA classification norms. Similar fines were also slapped on other banks such as Indian Overseas Bank and the State Bank of India (SBI) for non-compliance with various norms.
