Categories: Banking

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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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.