Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on ICICI Bank. The penalty is 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.
It, however, added the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
ICICI Bank is a leading private sector bank in India.
