RBI imposes Rs 58.9 crore penalty on ICICI Bank
RBI
The RBI prescribes limits upto which banks can transfer and sell securities held under this category.
The Reserve Bank of India has imposed a monetary penalty on ICICI Bank Ltd for flouting rules related to the sale of securities.
The regulator said that a monetary penalty of Rs 58.9 crore has been imposed on the lender.
The penalty has been imposed due to non-compliance with rules related to the sale of securities held in the bank’s Held To Maturity (HTM) portfolio.
The RBI did not specify what rules had been flouted.
"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.
As per the RBI’s rules, securities acquired by the banks with the intention to hold them up to maturity are classified under the HTM bucket. The RBI prescribes limits upto which banks can transfer and sell securities held under this category.
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