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RBI imposes penalty on PNB, ICICI Bank for deficiencies in regulatory compliance
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  • RBI imposes penalty on PNB, ICICI Bank for deficiencies in regulatory compliance

RBI imposes penalty on PNB, ICICI Bank for deficiencies in regulatory compliance

Press Trust of India • December 15, 2021, 22:01:17 IST
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RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of 31 March, 2019

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RBI imposes penalty on PNB, ICICI Bank for deficiencies in regulatory compliance

Mumbai: The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.8 crore on Punjab National Bank and of Rs 30 lakh on ICICI Bank for deficiencies in regulatory compliance. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of 31 March  2019. Following the ISE and examination of other documents, the RBI found contravention of its provisions relating to the pledge of shares by the PNB. In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation of the bank was conducted by it with reference to its financial position as of 31 March, 2019. Later, the RBI found non-compliance with directions related to levy of charges for non-maintenance of minimum balance in saving accounts. In both cases, penalties were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers, the RBI mentioned.

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