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RBI imposes penalties on ICICI Bank, Bank of Baroda, 2 other lenders

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The Reserve Bank on Friday said it has imposed penalties on four banks, including ICICI Bank and Bank of Baroda, for deficiencies in regulatory compliances. Penalty of Rs 97.80 lakh has been imposed on ICICI Bank for non-compliance with certain directions issued by the Reserve Bank of India (RBI) on ‘Cyber Security Framework in Banks’, ‘Know Your Customer (KYC)’, and ‘Credit Card and Debit Card — Issuance and Conduct’.
In another statement, the RBI said it has imposed a penalty of Rs 61.40 lakh on Bank of Baroda for non-compliance with certain directions on ‘Financial Services provided by Banks’ and ‘Customer Service in Banks’.
The central bank has imposed a penalty of Rs 31.8 lakh on IDBI Bank Ltd for non-compliance with certain directions on ‘lnterest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)’.
It has also imposed a penalty of Rs 31.80 lakh on Bank of Maharashtra for non-compliance with certain directions on KYC.
In all cases, the RBI said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

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