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The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on ICICI Bank, and Rs 91 lakh on Yes Bank for non-compliance with norms
Reserve Bank of India has fined private lenders Yes Bank and ICICI Bank over non-compliance.
The penalty on ICICI Bank stems from the RBI's Statutory Inspection for Supervisory Evaluation (ISE 2022), which assessed the bank's financial standing as of March 31, 2022. Following supervisory observations of non-compliance with RBI directives, the bank was notified and given the opportunity to present its case., Companies News - Times Now
Karnataka Bank had opened savings deposit accounts in the name of certain ineligible entities and failed to review / renew certain loan accounts within the prescribed period and yet did not classify these accounts as NPAs
In a statement, the RBI said the penalty on IDFC First Bank has been imposed for non-compliance with certain directions on 'Loans and Advances - Statutory and Other Restrictions'.