Rs 2.52 cr fine! RBI slaps THESE banks with hefty penalty - Do you have account in any?
Reserve Bank of India (RBI) has imposed hefty monetary penalty on four major banks that aggregates to Rs 2.52 crore. On Friday, May 2, the apex bank said that it has imposed penalties on five major banks. The maximum penalty amount is Rs 97.80 lakh. So, do you have account in any of these banks?
Authored by: Samta Barnali Achintya
Updated May 2, 2025 23:02 IST
Reserve Bank of India (iStock)
The Reserve Bank of India ( RBI ) has imposed hefty monetary penalty on four major banks that aggregates to Rs 2.52 crore. On Friday, May 2, the apex bank said that it has imposed penalties on five major banks, including Axis Bank , ICICI Bank and Bank of Baroda, for multiple reasons. Moreoever, the maximum penalty amount is Rs 97.80 lakh.
Axis Bank penalty
RBI imposed a monetary penalty of Rs 29.60 lakh on the private sector lender Axis Bank.
“The Reserve Bank of India (RBI) has, by an order dated April 29, 2025, imposed a monetary penalty of ₹29.60 lakh (Rupees Twenty nine lakh sixty thousand only) on Axis Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Un-authorized Operation of lnternal / Office Accounts,’ the release said.
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ICICI Bank penalty
For ICICI Bank, the apex bank has imposed a penalty of Rs 97.80 lakh for “non-compliance with certain directions issued by the Reserve Bank of India (RBI) on 'Cyber Security Framework in Banks', 'Know Your Customer (KYC)', and 'Credit Card and Debit Card -- Issuance and Conduct' as per the release.
Bank of Baroda penalty
Bank of Baroda has been slapped with a penalty of Rs 61.40 lakh. The apex bank has imposed the penalty for “non-compliance with certain directions on 'Financial Services provided by Banks' and 'Customer Service in Banks,' as per the release.
IDBI Bank penalty
The central bank has imposed a penalty of Rs 31.8 lakh on IDBI Bank.
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RBI in the release said that the monetary penalty has been imposed “for non-compliance with certain directions on 'lnterest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)'.
Bank of Maharashtra penalty
RBI has also imposed a penalty of Rs 31.80 lakh on Bank of Maharashtra. The penalty has been imposed for non-compliance with certain directions on KYC, as per the release.
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