The Reserve Bank of India (RBI) has imposed penalties on HDFC Bank and Axis Bank for non-compliance with its regulations. HDFC Bank was fined ₹1.91 crore for breaching rules related to deposit interest rates, recovery agents, and customer service. Additionally, it gave depositors gifts exceeding ₹250 crore and opened savings accounts for ineligible entities. Axis Bank was fined ₹1 crore for violating KYC guidelines, issuing multiple customer IDs, and obtaining collateral for small agricultural loans. Both banks received these penalties following inspections by the RBI.