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RBI imposes penalty on ICICI, Axis, BoM, IDBI, BoB for violating norms
The Reserve Bank of India (RBI) on Friday imposed monetary penalties on ICICI Bank, Axis Bank, Bank of Maharashtra, IDBI Bank, and Bank of Baroda for violating regulatory norms.
ICICI Bank has been directed to pay ₹97.80 lakh after the private sector lender was found to have failed to report a cybersecurity incident within the stipulated time, did not implement robust software for generating alerts on certain accounts, and charged late payment fees to customers despite not sending them credit card bills or statements.
Axis Bank was penalised ₹29.60 lakh for routing unauthorised or unrelated entries through certain internal or office accounts.
State-owned Bank of Baroda was fined ₹61.40 lakh for two violations: failure to ensure that no non-cash incentive was paid to its staff engaged in insurance corporate agency services by an insurance company, and failure to credit interest to certain inoperative, dormant, or frozen savings deposit accounts at prescribed intervals.
Another public sector lender, Bank of Maharashtra, was asked to pay ₹31.80 lakh for not adhering to regulatory requirements concerning deposit accounts opened using Aadhaar OTP-based e-KYC in a non-face-to-face mode.
IDBI Bank was also fined ₹31.80 lakh after it was found to have charged interest in excess of the applicable rate on certain Kisan Credit Card (KCC) accounts.
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