The Reserve Bank of India (RBI) has imposed penalty on ICICI Bank for deficiencies in regulatory compliances. Penalty of Rs 97.80 lakh has been imposed on ICICI Bank for non-compliance with certain directions issued by the RBI on 'Cyber Security Framework in Banks', 'Know Your Customer (KYC)', and 'Credit Card and Debit Card -- Issuance and Conduct'.
The penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
ICICI Bank is a leading private sector bank in India.
