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In December 2021, the Reserve Bank of India (RBI) has imposed monetary penalty of how many rupees on ICICI Bank?

In December 2021, the Reserve Bank of India (RBI) has imposed monetary penalty of how many rupees on ICICI Bank? Correct Answer 30 lakh

The correct answer is 30 lakh.

Key Points

  • The Reserve Bank of India (RBI) has imposed monetary penalties on ICICI Bank and Punjab National Bank.
  • RBI has slapped ₹30 lakh fine on ICICI and ₹1.80 crore penalty on PNB.
  • The penalty on ICICI Bank has been imposed “for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014".

Important Points

  • ​The statutory inspection for supervisory evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2019. 
  • In case of PNB, the action was based on the deficiencies in regulatory compliance.
  • The RBI found the state-run bank was in contravention of sub-section (2) of section 19 of the Act to the extent that it held shares in borrower companies, as pledgee, of an amount exceeding thirty per cent of paid-up share capital of those companies.

Additional Information

  • RBI:
    • Headquarters - Mumbai.
    • Founded: 1 April 1935, Kolkata.
    • The Bank publishes two statutory reports, the Annual Report of the Bank and the Report on Trend and Progress of Banking in India.
    • It also publishes Financial Stability Report.

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