The Reserve Bank of India (RBI) has imposed penalties on HDFC Bank and Axis Bank for non-compliance with various regulations, including those related to interest rates, customer service, KYC procedures, and agricultural lending. HDFC Bank was fined for offering gifts exceeding ₹ 250 crore to depositors, opening savings accounts for ineligible entities, and violating customer contact time regulations. Axis Bank was penalized for opening savings accounts for ineligible entities, violating customer identification code guidelines, and failing to adhere to collateral security requirements for agricultural loans.