Reserve Bank of India imposes monetary penalty on ICICI Bank

The Reserve Bank of India (RBI) has, by an order dated May 21, 2024, imposed a monetary penalty of Rs 1.00 crore (Rupees One Crore only) on ICICI Bank for non-compliance with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.

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