RBI imposes penalties on 5 lenders including ICICI Bank and BoB

Mumbai: The RBI on Friday said it has imposed penalties on five lenders, including ICICI Bank, Bank of Baroda (BoB), and Axis Bank, over deficiencies in certain regulatory compliances.

Penalty of Rs 97.80 lakh has been imposed on ICICI Bank for non-compliance with certain directions issued by the RBI on ‘Cyber Security Framework in Banks’, ‘KYC’, and ‘Credit Card & Debit Card — Issuance and Conduct’.

The RBI said it has imposed a penalty of Rs 61.40 lakh on Bank of Baroda for non-compliance with certain directions on “financial services provided by banks” and “customer service in banks”.

The central bank has imposed a penalty of Rs 31.8 lakh on IDBI Bank Ltd for non-compliance with certain directions on “interest subvention scheme for short-term loans for agriculture and allied activities availed through Kisan Credit Card”. A penalty of Rs 31.80 lakh was imposed on Bank of Maharashtra for non-compliance with certain directions on KYC.

The Axis bank, too, has been fined Rs 29.60 lakh over non-compliance with certain directions on “unauthorised operation of internal/office accounts”.