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RBI action on 5 banks including Axis, ICICI, now will have to pay fine of lakhs
The central bank RBI has imposed a fine on 5 banks including 2 private banks. RBI says that these banks have not followed many instructions, due to which a fine of lakhs has been imposed on all the banks. This list includes the names of Axis Bank, SBI Bank, ICICI Bank, Bank of Baroda and Bank of Maharashtra.
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“RBI action on 5 banks including Axis, ICICI, now will have to pay fine of lakhs”
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sangritoday.com
4 May 2025
Reserve Bank of India (RBI) on Friday fined several large banks. The list of five major banks features ICICI Bank, Bank of Baroda and Axis Bank. The charges against these banks are that they did not comply with the norms.
RBI imposed Rs 97.20 lakh fine on ICICI Bank. ICICI Bank did not comply with some of the instructions regarding the cybersecurity framework, KYC, credit cards, and debit cards, for which the bank is being fined by RBI.
The bank is accused of failing to comply with the guidelines issued regarding financial services and customer service counters available in the bank. Hence, Bank of Baroda is fined Rs 61.40 lakh by RBI.
