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RBI fines ICICI Bank with Rs 3 crore for breach of certain directions ICICI Bank Reserve Bank of India (RBI) imposed a monetary penalty of Rs 3 crore on private lender ICICI Bank. This fine was imposed for violation of certain directions issued by RBI on ‘prudential norms for classification, valuation and operation of investment portfolio by banks’ The regulator stated, "This penalty has been imposed 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 (the Act). This action is based on the ...

Source: Highlights Giving details, the RBI said an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the directions. A notice was issued to ICICI Bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI. A penalty of Rs 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 Rs 3 crore on ICICI Bank for "contravention...

URL copied Image Source : FILE PHOTO A notice was issued to ICICI Bank advising it to show-cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI. A penalty of Rs 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 Rs 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 Operatio...

RBI imposes ₹3 crore penalty on ICICI Bank May 03, 2021 This is for not shifting securities from one category to another The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 crore on ICICI Bank for non-compliance with its directions in the matter of shifting of securities from one category to another. The central bank, in a statement, said the monetary penalty has been imposed on the Bank for contravention of certain directions contained in its Master Circular on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks.’ "This p...

CBIC clarifies on GST refunds related to deemed export, zero-rated supplies March 12, 2021 × The Central Board of Indirect Taxes and Customs (CBIC) has come out with a clarification on GST refunds related to deemed export supply and zero-rated supply. The board said that representations have been received on the difficulties being faced by the recipients of the deemed export supplies in claiming refund of tax paid in respect of such supplies since the system is not allowing them to file refund claim under the aforesaid category unless the claimed amount is debited in the electronic credit l...