What value of monetary penalty has been imposed by RBI on Axis Bank for violation of certain provisions of the know your customer (KYC) norms?

• A. Rs 55 lakh
• B. Rs 1 crore
• C. Rs 25 lakh
• D. Rs 70 lakh

Answer: (C)

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on Axis Bank for violating certain provisions of knowing your customer (KYC) norms.