Heavy Penalties - Business Outrank

The RBI imposed penalties on five major lenders which include ICICI Bank and Bank of Baroda and Axis Bank as part of its tough regulatory approach. The Reserve Bank of India published a statement which showed that multiple non-compliance issues and regulatory failures led to these penalties. ICICI Bank received a ₹97.80 lakh fine because it did not follow Cyber Security Framework in Banks and Know Your Customer (KYC) guidelines as well as credit and debit card operation standards. The RBI conducted an examination which showed that the bank had multiple important regulatory requirements under poor control. The RBI imposed a ₹61.40 lakh penalty on Bank of Baroda because the bank failed to meet financial services and customer service protocol standards. The regulatory authorities imposed a ₹29.60 lakh fine on Axis Bank because of its unauthorised internal account operations violations. The banks received no exception from these penalties. The interest subvention scheme for short-term agricultural loans led IDBI Bank to receive a ₹31.80 lakh penalty for non-compliance while Bank of Maharashtra received the same amount for KYC-related non-compliance. The RBI made it clear that these monetary penalties stem from regulatory compliance issues which do not affect the legal validity of banking agreements between financial institutions and their customers. The RBI's enforcement actions demonstrate its ongoing dedication to maintaining strong governance standards and accountability throughout Indian banking operations.

What's Hot

UltraTech Cement Adds 1.4 MTPA Capacity, Boosts Total to 184.76 MTPA

RBI Slaps Heavy Penalties on ICICI, BoB, Axis Bank and Others for Non-Compliance

Trump Orders 100% Tariff on Movies Produced Outside of US: Hollywood Faces Crisis

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Heavy Penalties

RBI Slaps Heavy Penalties on ICICI, BoB, Axis Bank and Others for Non-Compliance

UltraTech Cement Adds 1.4 MTPA Capacity, Boosts Total to 184.76 MTPA

RBI Slaps Heavy Penalties on ICICI, BoB, Axis Bank and Others for Non-Compliance

Trump Orders 100% Tariff on Movies Produced Outside of US: Hollywood Faces Crisis

CBDT Targets Top Taxpayers and Bogus Deductions to Boost 2025-26 Revenue

Our Picks

UltraTech Cement Adds 1.4 MTPA Capacity, Boosts Total to 184.76 MTPA

RBI Slaps Heavy Penalties on ICICI, BoB, Axis Bank and Others for Non-Compliance

Trump Orders 100% Tariff on Movies Produced Outside of US: Hollywood Faces Crisis

Most Popular

UltraTech Cement Adds 1.4 MTPA Capacity, Boosts Total to 184.76 MTPA

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Heavy Penalties