The Reserve Bank of India (RBI) has imposed hefty fines on four major Indian banks for failing to follow certain regulatory rules.
In a statement released on Friday, the RBI said that these penalties do not affect any customer-related transactions.
The action is strictly based on the banks’ failure to follow RBI’s guidelines.
ICICI Bank Fined ₹97.80 Lakh
Private sector lender ICICI Bank has been fined ₹97.80 lakh.
The RBI found the bank had violated cyber security rules, Know Your Customer (KYC) norms, and guidelines for issuing credit and debit cards. These violations led to the financial penalty.
Bank of Baroda Fined ₹61.40 Lakh
Public sector Bank of Baroda has also been fined ₹61.40 lakh.
According to the RBI, the bank did not properly follow instructions related to providing banking services and customer-related services.
IDBI Bank and Bank of Maharashtra Also Penalized
Along with these two banks, IDBI Bank and Bank of Maharashtra were also penalized. Each of them has been fined ₹31.80 lakh.
The RBI said these fines were issued due to weaknesses in following regulatory rules.
Penalties Meant to Enforce Compliance, Not Target Customers
The RBI clarified that these actions are not linked to any specific customer or transaction.
The aim is to remind banks to fully follow the rules laid out by the central bank.
Experts believe this move is part of the RBI’s strict and transparent approach to ensure discipline in the banking sector.
It highlights the central bank’s increasing focus on digital banking, cyber security, and customer protection.
The message is clear: the RBI will not tolerate any carelessness in following the rules.
