RBI fines ICICI Bank Rs 30 lakh and PNB Rs 1.8 cr for non-compliance

0 31

RBI found non-compliance on part of ICICI Bank with directions related to levy of charges for non-maintenance of minimum balance in saving accounts

Topics
RBI | ICICI Bank  | Punjab National Bank

The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.8 crore on Punjab National Bank and of Rs 30 lakh on ICICI Bank for deficiencies in the regulatory compliance.

.

In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of March 31, 2019.

.

Following the ISE and examination of other documents, the RBI found contravention of its provisions relating to the pledge of shares by the PNB.

.

In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2019.

.

Later, the RBI found non-compliance with directions related to levy of charges for non-maintenance of minimum balance in saving accounts.

.

In both cases, penalties were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers, the RBI mentioned.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 15 2021. 17:53 IST



source

You might also like
Leave A Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More