Guwahati, May 4 -- The Reserve Bank of India (RBI) on Friday imposed monetary penalties on five Indian banks for violating regulatory norms.

The central bank fined ICICI Bank, Axis Bank, IDBI Bank, Bank of Maharashtra, and Bank of Baroda for various compliance failures.

RBI slapped a Rs 98 lakh penalty on ICICI Bank for breaching the cyber security framework, violating Know Your Customer (KYC) regulations, and mishandling the issuance and conduct of credit and debit cards.

According to the RBI, ICICI Bank failed to report a cybersecurity incident within the required timeframe, did not implement adequate alert systems for certain account categories, and sent no credit card bills or statements to some customers while levying late payment...