The Reserve Bank of India (RBI) has imposed a fine of Rs 3 crore on ICICI Bank (ICICI Bank) for violation of certain guidelines. The central bank said in a statement that ICICI Bank has been fined Rs 3 crore for violation of the guidelines given in the master circular.
Meanwhile, ICICI Bank said in the information filed in the stock exchange that in May 2017, certain investments from HTM category to AFS category have been fined under certain provisions of the Banking Regulation Act, 1949. The Reserve Bank said that the transfer of securities for the second time in May 2017 without explicit approval was in violation of its instructions.
RBI action on these banks
Explain that in the recent years, due to scams and ignoring the rules, the RBI has been imposing fines and restrictions on the co-operative banks. In January this year, RBI imposed a fine of Rs 5 lakh on commercial cooperative bank Maryadit and Rs 2 lakh on Maharashtra Nagari Cooperative Bank Maryadit. A fine of Rs 7 lakh was imposed on both co-operative banks for violation of KYC and certain other norms.
In addition, this month RBI imposed a fine of Rs 5 lakh on Bihar Awami Co-operative Bank Ltd for not following the instructions issued on KYC (KYC) during demonetisation in November 2016 and the guidelines related to changing notes that have been removed from circulation Planted.
Will it affect your money?
RBI has clarified that there will be no effect on the money of the customers deposited in the bank. According to the RBI, such action taken against banks is based on deficiencies in regulatory compliance. Its purpose is not to pass judgment on the validity of any transaction or agreement between banks and customers. In such a situation, this action is not going to affect the money of the customers of this bank.
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