The RBI on Friday stated that it has imposed financial fines on ICICI Bank, Axis Bank, Bank of Maharashtra, IDBI Bank, and Bank of Baroda for deficiencies in regulatory compliance, with the fines going as high as Rs 98 lakh.
RBI Fines on Axis Bank , ICICI and IDBI Banks
In its declaration explaining the action against Axis Bank, RBI said that “the bank routed unauthorized or unrelated entries through sure office accounts.” The penalty against ICICI was imposed for multiple reasons. The relevant bank said the bank had not recorded a cyber safety incident to RBI in the stipulated timeline. It also didn’t place into use a strong software program for sending alerts for certain classes of bills. In the case of credit cards, the bank did not send bills or statements to positive clients; however, it levied past due charge fees on them despite the fact that.
The Bank of Maharashtra has been penalized for its failure to stick with certain regulatory necessities in recognizing numerous deposit money owed opened the usage of Aadhaar OTP-based e-KYC in non-face-to-face mode, the crucial bank stated.
Fine of ₹61.40 imposed on Bank of Baroda
For the Bank of Baroda, the RBI said that the bank did not ensure that no incentive was paid to its staff engaged in coverage company service through a insurance organization, and it also did not credit interest in certain inoperative/dormant/ deposit bills on the prescribed intervals.
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