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Indian Economy - Understanding the basics of Indian economic system

04-May-21

RBI imposes Rs 3 crore penalty on ICICI Bank for Violating Specific Directions Issued by RBI

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 3 crore on ICICI Bank Ltd. for non-compliance with certain RBI directions in the matter of shifting of securities from one category to another.
As per RBI, penalty has been imposed for “contravention of certain directions issued by the RBI contained in Master Circular on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks’ dated July 1, 2015”
RBI has imposed this penalty in exercise of powers under the provisions of the Banking Regulation Act, 1949.
It must be noted that this action has been taken based on deficiencies in regulatory compliance and is not related in any manner with any transaction or agreement entered into by the bank with its customers.

By: Rohit Middha

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