Security personnel present near RBI office.
The Reserve Bank of India i.e. RBI on Friday imposed a fine on some government banks including ICICI of private sector. The Reserve Bank said that it has imposed this fine for deficiencies in regulatory compliance. According to PTI news, ‘ICICI Bank has been fined for Rs 97.80 lakh for the’ Cyber Security structure in banks’, ‘Know your customer’ and ‘Credit Card and Debit Card – issuing and Conduct’ and not to follow some instructions issued by the Reserve Bank of India (RBI).
Bank of Baroda and IDBI Bank also fined
According to the news, in another statement, the RBI said that it has imposed a fine of Rs 61.40 lakh on the Bank of Baroda for not following some instructions on ‘Financial Services provided by banks’ and ‘Customer Services in banks’. The Reserve Bank has imposed a fine of Rs 31.8 lakh on IDBI Bank Limited for not following certain instructions on the ‘Interest Grant Scheme for Low -term Loans’ for Agriculture and Affiliated Activities achieved through Kisan Credit Card (KCC).
Bank of Maharashtra fined Rs 31.80 lakh
Apart from this, Bank of Maharashtra has also been fined Rs 31.80 lakh for not following some instructions related to KYC. The RBI said that the penalty in all cases is based on deficiencies in regulatory compliance and is not aimed at deciding on any transaction or validity of agreement by banks with its customers.
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