New Delhi, 4/5(Ao Bureau): The Reserve Bank of India (RBI) imposed a fine of Rs 3 crore on ICICI Bank (ICICI Bank) on Monday. The Reserve Bank said in a statement that the penalty was imposed on July 1, 2015 for violation of the mandatory guidelines issued by Master Circulation- Prudential Norm for Classification Valuation and Operation of Investment Portfolio by Bax. The central bank said that this action has been taken due to irregularities in regulatory compliance.
Penalty levied under these provisions
According to IRBI, the bank has been found guilty of violating the instructions of the Reserve Bank in the matter of shifting securities from one category to another. Meanwhile, ICICI Bank informed the stock market that in May 2017, certain investments from HTM category to AFS category have been fined under the 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