Rs 3 Crore Penalty Imposed On ICICI Bank By RBI
The Reserve Bank of India (RBI) has imposed a Rs 3 crore penalty on ICICI Bank. The apex bank said that the penalty is imposed because of the 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.Â
A notice was given to the bank advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by the RBI.