RBI imposes a Rs 3-cr penalty on ICICI Bank for violating prudential norms

The Reserve Bank of India (RBI) on Monday fined ICICI Bank Rs 3 crore for violating prudential norms on the operation of its investment portfolio, the central bank said in a statement.

 

The central bank said it found contravention of norms in the matter of "shifting of securities from one category to another.” 

 

The RBI did not mention when did the violation happen, or the exact nature of it. 

 

The action, the RBI said, was based on the deficiencies in regulatory compliance and was “not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.”