The Reserve Bank of India (RBI) on 2 May 2025 has imposed fines and penalties on Bank of Maharashtra, IDBI Bank, Bank of Baroda (BoB), Axis Bank & ICICI Bank for non-compliance with the its guidelines and directives
During its periodic audit of these banks, the RBI found that they violated its various regulatory guidelines and directives.
The public sector bank, the Bank of Maharashtra, was fined Rs 31.8 lakh by the RBI.
Reason
Another public sector lender, Bank of Baroda, was fined Rs 61.40 lakhs.
The bank was held guilty for ;
The private sector bank, the IDBI Bank, was fined Rs 31.80 lakh by the RBI.
India’s second-largest private sector bank, the ICICI Bank, was fined Rs 97.80 lakhs.
Reason:
India’s third-largest private sector Bank, the Axis Bank, was fined Rs 29.60 lakh.
Reason
It started its banking operation under UTI Bank in 1994. In 2007, it was renamed as Axis Bank.
Tag Line: Badhti Ka Naam Zindagi
MD and CEO: Amitabh Chaudhary
Headquarters: Mumbai, Maharashtra
ICICI Bank was established by ICICI in 1994. ICICI, which was a developmental financial institution, merged with ICICI Bank in 2002.
It is the second-largest private sector bank in India after HDFC Bank.
Tagline : Hum Hai Na and Khyal Apaka,
MD and CEO: Sandeep Bakshi
Headquarters: Mumbai
Founded by Maharaja Sayajirao Gaekwad III, King of Baroda, as a private bank on 20 July 1908.
It was nationalised by the government of India in 1969.
It is the second-largest public sector bank in India after SBI.
Tagline: India’s International Bank
MD and CEO: Debadatta Chand
Headquarters: Vadodara, Gujarat
Bank of Maharashtra was established as a private bank, and it started its banking operations in February 1936.
It was nationalised by the government of India in 1969.
Headquarters - Pune
Tagline: ek Parivaar ek Bank
MD and CEO: Nidhu Saxena
IDBI Bank was established by the Industrial Development Bank of India Limited (IDBI Ltd) in October 2004 as its wholly owned subsidiary.
In April 2005, the IDBI Bank was amalgamated with IDBI Limited.
In May 2008, the name of IDBI Limited was changed to IDBI Bank Limited.
The bank was classified as a private bank by the RBI in 2019.
Tagline: Banking For All, Aao Sochein Bada, Bank Aisa Dost Jaisa
MD and CEO: Rakesh Sharma
Headquarters: Mumbai
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