RBI imposes penalty on ICICI, Axis, BoM, IDBI, BoB for violating norms

The RBI has imposed monetary penalties totaling ₹45 crore on ICICI Bank, Axis Bank, Bank of Baroda, Maharashtra Bank, and IDBI Bank for various regulatory violations. These include deficiencies in compliance with KYC norms, loan classification rules, and fraud detection frameworks. While the penalties are relatively small for these institutions, they underscore the central bank's stricter enforcement approach towards governance lapses in the banking sector.