The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 75.00 lakh (Rupees Seventy Five Lakh only) on ICICI Bank Limited for non-compliance with certain directions issued by RBI on Valuation of Properties - Empanelment of Valuers and Opening of Current Accounts by Banks – Need for discipline.
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| RBI Imposes Rs 75 lakh Penalty on ICICI Bank |
RBI Imposes ₹75 lakh Penalty on ICICI Bank
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹75.00 lakh (Rupees Seventy Five Lakh only) on ICICI Bank Limited for non-compliance with certain directions issued by RBI on Valuation of Properties - Empanelment of Valuers and ‘Opening of Current Accounts by Banks – Need for discipline.
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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
RBI Imposes Penalty on ICICI Bank: Background
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by RBI with reference to its financial position as on March 31, 2024.
RBI found that the following charges against the bank were sustained, warranting imposition of monetary penalty:
- ICICI bank did not carry out valuation of properties by independent valuers in certain mortgage loans.
- ICICI bank opened/maintained certain current accounts in contravention of extant regulatory requirements.
The action is based on 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. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
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About ICICI Bank
The full form of ICICI is Industrial Credit and Investment Corporation of India. The ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.
ICICI Bank was incorporated in 1994 as a part of the ICICI group. ICICI Bank is an Indian multinational bank and financial services company headquartered in Mumbai and its registered office in Vadodara. In 1999, ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the New York Stock Exchange.
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In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank.
About Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
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Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to ICICI Bank for upcoming exams
- Founded: 5 January 1955
- Headquarters: Mumbai, Maharashtra (Corporate Headquarters); Vadodara, Gujarat (Registered Office)
- Part-time Chairman: Pradeep Kumar Sinha
- Managing Director & CEO: Sandeep Bakhshi
- Executive Director: Sandeep Batra, Rakesh Jha and Ajay Kumar Gupta
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