The RBI has imposed a monetary penalty of Rs. 58.9 crore on ICICI Bank Limited for non-compliance with the directions issued by the RBI on direct sale of securities from its Held To Maturity (HTM) portfolio and specified disclosure in this regard.
The Central Bank stated this penalty has been imposed in the exercise of powers vested with the RBI under the provisions of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to its directions/guidelines.
Static/Current Takeaways Important for Railway RRB Exam 2018-
- ICICI Bank stands for Industrial Credit and Investment Corporation of India.
- Chanda Kochhar is the MD and CEO of ICICI Bank.
- Headquarters of ICICI Bank: Mumbai.
Source- The Hindu Business Line