RBI Imposes Rs 3 Crore Penalty on ICICI

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The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on ICICI bank for contravention of certain direction issued by RBI regarding Prudential Norms for classification, valuation and operation of investment portfolio by Banks.

However, this action is based on non-compliances with regulatory directions. It is not intended upon validity of any transaction or agreement entered into by the bank with its customers.

 

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