Bank News: RBI Imposes Fine on 5 Big Banks Including Axis, ICICI, IDBI, Know The Reason

Bank News: The RBI has fined five banks, including two private banks. According to the Reserve Bank of India (RBI), these banks did not follow instructions, and as a result, all of them have been fined lakhs of rupees.

RBI Imposes Fine on Banks

The RBI stated in its order that the purpose of this penalty is not to call into doubt the validity of any transaction between banks and their clients. This action was taken because the regulations were not followed properly. The banks include Axis Bank (Rs 29.60 lakh), IDBI Bank (Rs 31.8 lakh), Bank of Baroda (Rs 61.40 lakh), ICICI Bank (Rs 97.20 lakh), and Bank of Maharashtra (Rs 31.80 lakh).