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The Reserve Bank has fined five banks including ICICI (Rs 97.80 lakh) and Bank of Baroda (Rs 61.40 lakh) for regulatory non-disconnection. Other punishments include IDBI (Rs 31.80 lakh) and Bank of Maharashtra (Rs 31.80 lakh), and Axis Bank (Rs 29.60 lakh).
Mumbai:
The Reserve Bank said on Friday that it had fined five lenders including ICICI Bank, Bank of Baroda and Axis Bank in some regulatory compliance.
A fine of Rs 97.80 lakh has been imposed on ICICI Bank with some instructions on ‘Cyber Safety Infrastructure’ by the Reserve Bank of India (RBI) with some instructions on ‘Cyber Security Streaks’,’ Know your customer (KYC), and ‘Credit Card and Debit Card-Jari and Conduct’.
In another statement, the RBI stated that it has imposed a fine of Rs 61.40 lakh on the Bank of Baroda for “financial services provided by banks” and “customer service in banks” with some directions.
The Central Bank has imposed a fine of Rs 31.8 lakh on IDBI Bank Limited for non-non-approval for the interest subscriber scheme for short-term loans for agriculture and related activities.
KYC was fined Rs 31.80 lakh on Bank of Maharashtra for non-transportation with some directions.
Axis Bank has also been fined Rs 29.60 lakh on “unauthorized operation of internal/office accounts” on non-non-approach.
In all cases, the RBI said that the penalty is based on deficiencies in regulatory compliance and not intended to pronounce any transaction or validity of the agreement with its customers.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
