ICICI Financial institution was fined for non compliance on cyber safety framework in banks, know your buyer (KYC) rules, and bank card and debit card – issuance and conduct.
RBI mentioned that ICICI Financial institution didn’t report a cyber safety incident to RBI inside the stipulated timeline, didn’t put into use a sturdy software program for throwing alerts for sure classes of accounts and didn’t ship bank card payments / statements to sure clients, however levied late fee expenses.
RBI levied penalty on Axis Financial institution for non compliance on unauthorised operation of inner / workplace accounts
Then again, Financial institution of Maharashtra was fined for non compliance on KYC associated rules, Financial institution of Baroda was fined for non-compliance with sure instructions on monetary companies offered by the financial institution and customer support in banks learn with rate of interest on deposits. IDBI Financial institution was fined for non compliance with rules on curiosity subvention scheme for brief time period loans for agriculture and allied actions availed by kisan bank card (KCC).
