RBI imposes Rs 3 cr penalty on ICICI Bank
For violating investment portfolio normsICICI Bank announced that the Reserve Bank of India on 03 May 2021 has imposed a penalty of Rs 3 crore on the Bank. This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017. The Bank had transferred two separate categories of securities on two different dates from HTM to AFS in April and May of 2017, which it believed was
permissible as per Master Circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks' dated July 01, 2015. RBI has held that the shifting of securities the second time in May 2017 without explicit permission was in contravention of RBI directions.
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First Published: Tue, May 04 2021. 12:54 IST