RBI imposes Rs 3 crore fine on ICICI Bank for contravention of some rules

ICICI Bank in a stock exchange filing said the penalty has been imposed under certain provisions of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.

A penalty of Rs 3 crore has been imposed on ICICI Bank Ltd for contravention of certain directions, the Reserve Bank of India said on Monday. The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank for "contravention of certain directions issued by the RBI contained in Master Circular on ''Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks'' dated July 1, 2015", the central bank said in a statement. Meanwhile, ICICI Bank in a stock exchange filing said the penalty has been imposed under certain provisions of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017.