RBI has imposed fines on Axis Bank, ICICI Bank, Bank of Baroda, Bank of Maharashtra and several other banks for violating rules.
Many big banks have been fined heavily for not following RBI rules. This fine has been imposed for violation of regulatory norms, violations related to financial services and violations related to customer security. Apart from this, many government and private banks have also been fined for not following cyber security rules and violation of KYC rules and violation of rules for issuing credit and debit cards. Banks will have to pay this fine within the prescribed time limit. Reserve Bank of India imposed this fine on Friday.
Let’s know how much fine has been imposed on which bank.
Penalty on ICICI Bank
RBI has imposed a penalty of Rs 97.80 lakh on ICICI Bank for non-compliance of instructions related to cyber security framework, Know Your Customer (KYC) and issuance of credit cards and debit cards. A fixed deadline has been set for its payment, within which time period this penalty has to be paid.
Penality on Bank of Maharashtra
Bank of Maharashtra has been fined Rs 31.80 lakh for violating RBI norms, including non-compliance with KYC related instructions and deficiencies in compliance with exchange rate rules.
Penalty on Bank of Baroda
RBI has imposed a penalty of Rs 61.40 lakh on Bank of Baroda for violating the rules. The reason for this penalty is non-compliance of the instructions on financial services provided by the banks and customer service in the banks.
Penality on IDBI Bank
RBI has imposed a penalty of Rs 31.8 lakh on IDBI Bank for violating the norms by not complying with certain directions on the interest subvention scheme for short-term loans for agriculture and allied activities availed through Kisan Credit Card.
Penallity on Axis Bank
RBI has imposed a penalty of Rs 29.60 lakh on Axis Bank for sending unauthorized or related entries through back office accounts. The rules for paying this penalty amount have been made strict. If the bank continuously violates the rules, then a fine of up to Rs 25,000 can be imposed every day.
