RBI fines ICICI Bank for cyber-security, KYC, credit card norm violations
This story was originally published at 20:09 IST on 2 May 2025
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--RBI fines ICICI Bank INR 9.78 mln
--RBI fines ICICI Bank for cybersecurity, KYC, credit card norm violations
NEW DELHI – The Reserve Bank of India has fined ICICI Bank INR 9.78 million for not complying with several directions on know-your-customer, cybersecurity, and the issuance and conduct of credit and debit cards. According to the banking regulator, ICICI Bank failed to report a cybersecurity incident to the RBI within the stipulated timeline, did not use a "robust" software to throw up alerts for certain categories of accounts, and levied late payment charges despite not sending credit card statements to certain customers.
"The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions," the RBI said in a statement Friday. ICICI Bank was ordered to pay a fine on Tuesday after its reply to the RBI's notice and other submissions led the central bank to conclude the charges warranted a penalty.
On Friday, shares of ICICI Bank ended 0.4% higher at INR 1,432.40 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Akul Nishant Akhoury
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