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RBI imposes ₹3 crore penalty on ICICI Bank Updated: Updated: Share Article AAA A penalty of ₹3 crore has been imposed on ICICI Bank Ltd for contravention of certain directions, the Reserve Bank of India said on Monday. The RBI has imposed a monetary penalty of ₹3 crore on ICICI Bank for "contravention of certain directions issued by the RBI contained in Master Circular on 'Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks' dated July 1, 2015", the central bank said in a statement. Meanwhile, ICICI Bank in a stock exchange filing said the pe...

The domestic equity indices ended with steep losses on Tuesday as mixed global cues and rising COVID-19 cases weighed on investors sentiment. The Nifty closed below the 14,500 mark after hitting a high of 14,723.40 in early trade. Strength in public sector banks was offset by weakness in pharma and auto stocks. The barometer index, the S&P BSE Sensex, fell 465.01 points or 0.95% at 48,253.51. The Nifty 50 index declined 137.65 points or 0.94% at 14,496.50. Reliance Industries (down 2.18%), HDFC bank (down 1.74%), HDFC (down 1.73%) and Infosys (down 1.65%) were major drags. The market breadt...

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore on the private sector lender. The penalty, imposed under section of the Banking Regulation Act, 1949, has been levied for shifting certain investments from HTM category to AFS category in May 2017. The bank had transferred two separate categories of securities on two different dates from HTM to AFS in April and May of 2017, which it believed was permissible as per Master Circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks' dated 1 July 2015. RBI has held that th...

Equity indices ended with steep losses on Tuesday as rising COVID-19 cases dented investors sentiment. The Nifty closed below the 14,500 mark. Pharma and FMCG stocks tumbled while banks stocks gained. As per the provisional closing data, the barometer index, the S&P BSE Sensex, fell 465 points or 0.95% at 48,253.44. The Nifty 50 index declined 137.65 points or 0.94% at 14,496.10. In the broader market, the S&P BSE Mid-Cap index fell 0.5% while the S&P BSE Small-Cap index declined 0.57%. The market breadth was negative. On the BSE, 1,402 shares rose and 1,563 shares fell. A total of 176 shares...

For violating investment portfolio normsICICI Bank announced that the Reserve Bank of India on 03 May 2021 has imposed a penalty of Rs 3 crore on the Bank. This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017. The Bank had transferred two separate categories of securities on two different dates from HTM to AFS in April and May of 2017, which it believed was permissible as per Master Circular on Prudential Norms for Classificati...