A penalty of Rs 3 crore has been imposed on ICICI Bank Ltd for contravention of certain directions, the Reserve Bank of India said on Monday.
The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank 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”, the central monetary establishment said in a press launch.
It, nonetheless, added the movement is based on the deficiencies in regulatory compliance and is not purported to pronounce upon the validity of any transaction or settlement entered into by the monetary establishment with its prospects.
Giving particulars, the RBI said an examination of correspondence throughout the matter of shifting of securities from one class to a special revealed, inter alia, contravention of the directions.
A uncover was issued to ICICI Bank advising it to indicate trigger as to why penalty should not be imposed on it for failure to regulate to the directions issued by the RBI.
After considering the monetary establishment’s reply to the invention, oral submissions made throughout the personal listening to, and examination of additional submissions made by it, the RBI said it acquired right here to the conclusion that the price of non-compliance with RBI directions was substantiated and warranted imposition of economic penalty.