June 17, 2024


Imagination at work

RBI imposes monetary penalty on ICICI Bank, Punjab National Bank

RBI has imposed a monetary penalty of Rs 1.8 crore on Punjab Countrywide Lender and Rs thirty lakh on ICICI Lender

RBI | ICICI Lender  | Punjab Countrywide Lender

BS World-wide-web Team  | 
New Delhi 

Reserve Lender of India on Wednesday introduced monetary penalty on ICICI Lender, Punjab Countrywide Lender.

RBI has imposed a monetary penalty of Rs 1.8 crore on Punjab Countrywide Lender and Rs thirty lakh on ICICI Lender.

The penalty on PNB has been imposed for contravention of sub-section (two) of section 19 of the Banking Regulation Act, 1949 (the Act).

The penalty on ICICI Lender has been imposed for non-compliance with particular instructions issued by RBI on ‘Levy of penal rates on non-upkeep of bare minimum balances in personal savings lender accounts’ dated November 20, 2014.

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First Printed: Wed, December fifteen 2021. seventeen:fifty three IST