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Why RBI Imposed Rs 3 Crore Fine On ICICI Bank?
The Reserve Bank of India (RBI) announced on Monday that it has fined ICICI Bank Rs 3 crore for violating certain prudential norms for the classification, valuation, and service of investment portfolios by banks.
This action is focused on regulatory enforcement issues and is not meant to be a judgment on the merits of any transaction or arrangement between the bank and its customers, the RBI said.
The central bank said in a statement that the penalty was levied in the exercise of powers vested in it under the Banking Regulation Act of 1949.
A review of correspondence regarding the shifting of securities from one group to another uncovered, among other things, a violation of the aforementioned RBI directives. A notice was given to the bank in this regard, advising it to demonstrate cause why a penalty should not be levied on it for failing to comply with RBI's directions.
RBI concluded that the aforementioned charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty after considering the bank's response to the notice, oral submissions made during the personal hearing, and review of additional submissions made by it.
In one of the most significant monetary penalties levied by a regulator on a bank in recent years, the Reserve Bank of India (RBI) fined ICICI Bank Rs 58.9 crore for breaching the central bank's treasury operations guidelines in 2018.
Last month, ICICI Bank posted a 261 percent year-on-year (YoY) increase in net profit of Rs 4,403 crore, compared to Rs 1,221.40 crore in the previous quarter.
