The Reserve Bank of India (RBI) has imposed monetary penalties on ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra for lapses in regulatory compliance. The fines, ranging between ₹29.60 lakh and ₹97.80 lakh, were issued under various provisions of the Banking Regulation Act, 1949.
Among the five banks penalized, ICICI Bank faced the highest fine of ₹97.80 lakh, primarily for non-compliance with cybersecurity guidelines, KYC norms, and credit card regulations. Bank of Baroda was fined ₹61.40 lakh over deficiencies in financial services and customer service obligations, while Axis Bank received a ₹29.60 lakh penalty for unauthorized transactions in its internal accounts.
IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh, with the former penalized for violations related to the Interest Subvention Scheme for agricultural loans, and the latter for KYC-related compliance failures.
The RBI clarified that the penalties are a result of deficiencies in regulatory compliance and do not affect customer transactions or the banks’ ability to operate. The central bank emphasized that the action aims to strengthen adherence to banking norms and ensure consumer protection.
