 "Lending violations: RBI fines ICICI, HDFC Bank, 10 others in Deccan Chronicle case")
The Reserve Bank of India (RBI) on Friday penalized 12 banks including country’s largest private sector lender, ICICI Bank and its nearest competitor among private banks, HDFC Bank for violating norms on loans given to Deccan Chronicle Holdings.
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The central bank has imposed a penalty of a total of Rs 1.5 crore to twelve banks after finding violations that “warranted imposition of monetary penalty.”
Other banks, which have been penalized are Andhra Bank, Axis Bank, Canara Bank, Corporation Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Ratnakar Bank, State Bank of Hyderabad and Yes Bank.
Hyderabad based media-group Deccan Chronicle Holdings had defaulted most of its Rs 5000 crore loan taken from various banks.