RBI imposes penalty on PNB and ICICI Bank

A penalty of Rs 1.8 crores has been imposed on Punjab National Bank (PNB) by the Reserve Bank of India (RBI), while ICICI Bank has been fined Rs 30 lakh for deficiencies in regulatory compliances. According to a statement issued by the central bank, PNB was found guilty of contravening provisions of the Banking Regulation Act, 1949, related to pledge of shares by it.

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In the case of ICICI Bank, the RBI said that after conducting a statutory inspection for supervisory evaluation of the bank, it found non-compliance with directions related to levy of charges for non-maintenance of minimum balance in saving accounts. The RBI however made it clear that in both the cases, penalties were levied on deficiencies in regulatory compliances and it was not a pronunciation on the validity of any transaction or agreement entered into by the banks with their respective customers.

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