RBI slaps ₹58.9 cr fine on ICICI Bank.

Johnson Cherian.

The Reserve Bank of India (RBI) has slapped a penalty of ₹58.9 crore on ICICI Bank Limited for non-compliance of directions issued by it.

The direction related to direct sale of securities from its HTM portfolio and specified disclosure in this regard, the Reserve Bank said.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

“The 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.” the apex bank said.