The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 crores on ICICI Bank for non-compliance with its directions in the matter of shifting of securities from one category to another. The monetary penalty has been imposed on the Bank for contravention of certain directions contained in its Master Circular on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks.’
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
This penalty has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949 (the Act). RBI observed that an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the aforesaid directions issued by it. 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.
Important takeaways for all competitive exams:
India's Gurindervir Singh became the fastest ever Indian sprinter as he clocked an incredible 10.09…
As the hype around the 2026 FIFA World Cup is growing day by day and…
Countdown for the most exciting sports tournament in the world has officially begun. Fans across…
Former India and Tamil Nadu all rounder Vijay Shankar has announced his retirement from domestic…
The Reserve Bank of India (RBI) has announced the record ₹2.87 lakh crore surplus transfer…
Indian central government is preparing to launch the major national initiative called the High-Powered Demography…