The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of ₹3 crore on ICICI Bank for contravention of certain directions on prudential norms for classification, valuation and operation of investment portfolios by banks. This penalty has been imposed in exercise of powers vested with RBI under the provisions of Banking Regulation Act, it added. In furtherance to the same, RBI said, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the Act/ specific directions. After considering the bank’s replies to the notice, oral submissions made in the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty, the statement said. Share ViaSubscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint May 03, 2021 15:11 UTC