RBI fines ICICI Bank Rs 30 lakh and PNB Rs 1.8 cr for non-compliance

RBI found non-compliance on part of ICICI Bank with directions related to levy of charges for non-maintenance of minimum balance in saving accounts

The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.8 crore on Punjab National Bank and of Rs 30 lakh on ICICI Bank for deficiencies in the regulatory compliance.

In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of March 31, 2019.

Following the ISE and examination of other documents, the RBI found contravention of its provisions relating to the pledge of shares by the PNB.

In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as of March 31, 2019.

Later, the RBI found non-compliance with directions related to levy of charges for non-maintenance of minimum balance in saving accounts.

In both cases, penalties were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers, the RBI mentioned.