RBI Imposes Rs3 Crore Penalty on ICICI Bank for Violating Investment Portfolio Norms
The Reserve Bank of India (RBI) has imposed a penalty of Rs3 crore on ICICI Bank for violating prudential norms on the operation of its investment portfolio. 
 
RBI says it found contravention of norms in the matter of "shifting of securities from one category to another". 
 
However, the central bank has not mentioned details of when the violation happened, or the exact nature of it.
 
RBI said that the penal action was based on the deficiencies in regulatory compliance and was “not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”
 
Earlier, a show cause notice was issued to ICICI Bank asking why penalty should not be imposed on it for failure to comply with the directions issued by RBI. 
 
“After considering the bank’s reply 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 charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” the central bank says.
 
 
  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)