Daijiworld Media Network - New Delhi

New Delhi, May 4: The Reserve Bank of India (RBI) on Friday announced monetary penalties on five major banks, including ICICI Bank, Bank of Baroda, and Axis Bank, citing lapses in regulatory compliance across key operational areas.

The RBI has imposed a penalty of Rs 97.80 lakh on ICICI Bank for violations related to the Cyber Security Framework, Know Your Customer (KYC) norms, and rules concerning the issuance and conduct of credit and debit cards.

Bank of Baroda has been fined Rs 61.40 lakh for non-compliance with RBI's directives on financial services and customer service standards.

IDBI Bank Ltd faces a penalty of Rs 31.80 lakh over lapses linked to the interest subvention scheme for short-term agricultural loans provided via the Kisan Credit Card mechanism.

The Bank of Maharashtra was penalized Rs 31.80 lakh for deficiencies in adhering to KYC guidelines.

Meanwhile, Axis Bank has been fined Rs 29.60 lakh for unauthorised operations involving internal or office accounts, a breach of RBI instructions in that domain.

The central bank clarified that these penalties are strictly related to regulatory compliance failures and do not question the validity of any transactions or agreements these banks may have entered into with their customers.

These enforcement actions highlight the RBI’s ongoing scrutiny and its efforts to ensure systemic discipline and customer protection across India's banking sector.