RBI Penalty: ICICI Bank & PNB To Pay For Rule Violations
New Delhi: The Reserve Bank of India (RBI) on December 15, imposed a penalty of Rs 30 lakh on ICICI Bank and Rs 1.8 crore on Punjab National Bank (PNB) due to certain rule violations, the RBI said in a press release.
The RBI inspections revealed non-compliance with the directions to the extent the bank levied charges for non-maintenance of minimum balance in saving accounts, which were not directly proportionate to the extent of the shortfall observed, the RBI said, Moneycontrol reported.
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