The Reserve Bank of India (RBI) has imposed monetary penalties on five major banks — ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra — for violations of various regulatory guidelines.

   ICICI Bank was fined ₹97.80 lakh for non-compliance with directives related to:

  • Cyber Security Framework in Banks

  • Know Your Customer (KYC) norms

  • Issuance and conduct of credit and debit cards

   Bank of Baroda faced a ₹61.40 lakh penalty for lapses in:

  • Financial services provided by banks

  • Customer service standards

IDBI Bank received a ₹31.80 lakh fine for failing to comply with the interest subvention scheme related to Kisan Credit Card loans for agriculture and allied activities.

   Bank of Maharashtra was penalized ₹31.80 lakh for non-compliance with KYC regulations.

   Axis Bank was fined ₹29.60 lakh due to irregularities in the unauthorised operation of internal and office accounts.

The RBI clarified that these penalties stem from deficiencies in regulatory compliance and do not cast doubt on the validity of any transactions or agreements made between the banks and their customers.