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RBI fines ICICI Bank Rs 3 crore for regulatory violations The central bank said the action against the private lender was in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 BusinessToday.In | May 3, 2021 | Updated 23:16 IST The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore against ICICI Bank for violating norms related to classification, valuation and operation of investment portfolio by banks. The central bank said the action against the private lender was in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949. ....