RBI imposes monetary penalty on ICICI Bank Ltd

The Reserve Bank of India (RBI) has, by an order dated October 17, 2023, imposed a monetary penalty of Rs. 12.19 crore (Rupees Twelve crore and nineteen lakh only) on ICICI Bank Ltd. (the bank) for contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949 (the BR Act) read with directions issued by RBI on 'Loans and Advances-Statutory and Other restrictions', sub-section (2) of Section 6 and Section 8 of the BR Act read with directions issued by the RBI on 'Financial Services provided by the Banks', and non-compliance with the RBI directions on 'Frauds classification and reporting by commercial banks and select FIs'. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Shares of ICICI Bank Limited was last trading in BSE at Rs. 954.95 as compared to the previous close of Rs. 951.05. The total number of shares traded during the day was 339479 in over 4078 trades.

The stock hit an intraday high of Rs. 960.75 and intraday low of 951.75. The net turnover during the day was Rs. 324414933.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN RBI MonetaryPenalty