Mumbai, Oct. 11 -- The caution follows a Calcutta High Court judgment dated September 11, 2025, in connection with MAT Nos. 781 and 894 of 2025.

The RBI panel noted that while opening an account in the name of a society in 2009, the bank failed to obtain certain mandatory documents as required under its KYC Master Circular on customer identification norms. However, considering that Axis Bank has since implemented corrective and system-level improvements, the regulator chose to issue only a caution rather than impose a penalty.

The central bank has advised Axis Bank to exercise "extreme caution and diligence" in adhering to KYC norms and ensuring full compliance in the future.

Axis Bank said it has already taken necessary corrective ste...