Mumbai: Reserve Bank of India (RBI) has fined ICICI Bank Rs 58.9 crore for violating norms relating to sale of government securities from the held-to-maturity category of its bonds portfolio. This is the highest penalty imposed by RBI on a bank for a single incident.
Shares of ICICI Bank were down nearly 2 per cent to Rs 278 in early morning trade in the Bombay Stock Exchange. In a press release issued on Thursday, RBI said that it has imposed a penalty on ICICI Bank Limited for “non-compliance with directions issued by RBI on direct sale of securities from its HTM portfolio and specified disclosure in this regard”.
“This 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,” RBI said.