RBI Penalties on ICICI, Axis and Three Other Banks
Why in the news
RBI penalised five banks over KYC, cyber security and customer service lapses.
Key facts
| Bank | Penalty | Lapse |
|---|---|---|
| ICICI Bank | ₹97.8 lakh | Late cyber incident report; weak alerts; late fees without statements |
| Bank of Baroda | ₹61.4 lakh | Compliance gaps; customer service and deposit rate disclosure |
| Bank of Maharashtra | ₹31.8 lakh | KYC breach |
| IDBI Bank | ₹31.8 lakh | KCC interest subvention rules |
| Axis Bank | ₹29.6 lakh | Improper use of internal accounts |
Significance
- These are administrative supervisory actions, not a verdict on any customer transaction.
- Highlights focus on cyber readiness and subsidy implementation in agriculture finance.
Exam angle
- Highest and lowest fines: ICICI and Axis.
- Scheme in IDBI’s case: Kisan Credit Card.