New Delhi: The Reserve Bank of India (RBI) imposed monetary penalty of Rs. 589 million On ICICI Bank on Thursday, the country’s largest private bank for failing to follow the rules on the sale of bonds in the maturity period (HTM) category.
The Reserve Bank of India (RBI), through the order of March 26, 2018, has imposed a monetary penalty of Rs. 589 million on ICICI Bank Limited (Bank) for non-compliance with directions issued by RBI on direct sale of securities from its HTM portfolio and the guidelines issued by this disclosure in this regard. It has been stated that the Reserve Bank of India has imposed a fine with Section 47A (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949, Due to which the account failure of the bank to Follow the guidelines / guidelines issued by RBI to the bank.
This action is based on the lack of regulatory compliance and it is not to emphasize the validity of any transaction or agreement entered by the bank with its customers. The release said.
