RBI has imposed a penalty of ₹30 lakh on Axis Bank for non-compliance with certain provisions of the RBI directions related to Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts. RBI also imposed penalties of ₹1.45 crore and ₹2.5 crore on the Bank of Maharashtra and Jammu and Kashmir Bank, respectively.