Latest Breaking News India

RBI Imposes Penalty On ICICI Bank & PNB For Rule Violations

New Delhi: The Reserve Bank of India (RBI) on December 15, imposed a penalty of Rs 30 lakh on ICICI Bank and Rs 1.8 crore on Punjab National Bank (PNB) due to certain rule violations, the RBI said in a press release.

In the case of ICICI Bank, the violation of rules related to ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts.’

The RBI inspections revealed non-compliance with the directions to the extent the bank levied charges for non-maintenance of minimum balance in saving accounts, which were not directly proportionate to the extent of the shortfall observed, the RBI said, Moneycontrol reported.

In the case of PNB, the regulatory action is related to the bank’s shareholding in borrower companies, as pledgee, of an amount exceeding thirty per cent of paid-up share capital of those companies, the RBI said.