RBI imposes ₹75 lakh penalty on ICICI Bank for compliance breaches

The Reserve Bank fined ICICI Bank for violations related to property valuation and current account operations, citing non-compliance without impacting customer transactions

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 75 lakh on ICICI Bank Limited for violating certain regulatory directions on ‘Valuation of Properties – Empanelment of Valuers’ and ‘Opening of Current Accounts by Banks – Need for Discipline’, the central bank said in a notification on Friday.

 

The central bank said it found that ICICI Bank had failed to conduct property valuations through independent valuers in certain mortgage loans and had opened or maintained current accounts in breach of regulatory norms.

 

The action was taken on account of deficiencies in regulatory compliance and does not question the validity of any customer transactions. It also does not preclude further action against the bank.