Case Brief
What Happened
By an order dated April 29, 2025, RBI imposed a monetary penalty of Rs 97.80 lakh on ICICI Bank Ltd. The penalty was based on non-compliance with RBI directions relating to Cyber Security Framework in Banks, Know Your Customer (KYC), and Credit Card and Debit Card – Issuance and Conduct. RBI said the bank failed to report a cyber security incident within the stipulated timeline, failed to implement robust alert-generating software for certain account categories, and failed to send credit card bills/statements to some customers while still levying late payment charges. RBI noted the action was based on regulatory compliance deficiencies and did not pronounce on the validity of any transaction or agreement, and that the penalty was without prejudice to any other action RBI may initiate.