The Reserve Financial institution on Friday mentioned it has imposed penalties on 4 banks, together with ICICI Financial institution and Financial institution of Baroda, for deficiencies in regulatory compliances. Penalty of Rs 97.80 lakh has been imposed on ICICI Financial institution for non-compliance with sure instructions issued by the Reserve Financial institution of India (RBI) on ‘Cyber Safety Framework in Banks’, ‘Know Your Buyer (KYC)’, and ‘Credit score Card and Debit Card — Issuance and Conduct’. In one other assertion, the RBI mentioned it has imposed a penalty of Rs 61.40 lakh on Financial institution of Baroda for non-compliance with sure instructions on ‘Monetary Providers offered by Banks’ and ‘Buyer Service in Banks’.
The central financial institution has imposed a penalty of Rs 31.8 lakh on IDBI Financial institution Ltd for non-compliance with sure instructions on ‘lnterest Subvention Scheme for Brief Time period Loans for Agriculture and Allied Actions availed by means of Kisan Credit score Card (KCC)’.
It has additionally imposed a penalty of Rs 31.80 lakh on Financial institution of Maharashtra for non-compliance with sure instructions on KYC.
In all circumstances, the RBI mentioned the penalties are based mostly on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transaction or settlement entered into by the banks with their prospects.