RBI imposes penalty of Rs. 30 lakhs on ICICI Bank

The Reserve Bank of India (RBI) has by an order dated December 13, 2021 (received by the ICICI Bank on December 15, 2021) imposed a monetary penalty of Rs.30 Lakhs on the ICICI Bank (Bank) under the provisions of Section 46(4) (i) read with Section 47A (1) of Banking Regulation Act 1949 for non-compliance with certain directions issued by RBI on 'Levy of Penal charges on non-maintenance of minimum balance in savings bank accounts' dated November 20, 2014. The Bank was levying charge of Rs.100/- plus a percentage of shortfall between the minimum average balance (MAB) required to be maintained and actual balance maintained in the saving account as agreed upon at the time of account opening. RBI has held that levy of charges for non-maintenance of MAB were not directly proportionate to the extent of the shortfall observed in the required MAB and actual balance maintained. The Bank has taken steps to align the charge levied for non-maintenance of MAB with the above direction of RBI.

Shares of ICICI Bank Limited was last trading in BSE at Rs. 752.60 as compared to the previous close of Rs. 758.85. The total number of shares traded during the day was 515701 in over 12306 trades.

The stock hit an intraday high of Rs. 759.50 and intraday low of 751.00. The net turnover during the day was Rs. 389641063.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN RBI Penalty