RBI imposes penalty on PNB, ICICI Bank

The Reserve Bank of India (RBI) connected Wednesday said it has imposed a punishment of Rs 1.8 crore connected Punjab National Bank and of Rs 30 lakh connected ICICI Bank for deficiencies successful the regulatory compliance.

In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with notation to its fiscal presumption arsenic of March 31, 2019.

Following the ISE and introspection of different documents, the RBI recovered contravention of its provisions relating to the pledge of shares by the PNB.

In the lawsuit of the ICICI Bank, the RBI said the statutory inspection for supervisory valuation of the slope was conducted by it with notation to its fiscal presumption arsenic of March 31, 2019.

Later, the RBI recovered non-compliance with directions related to levy of charges for non-maintenance of minimum equilibrium successful redeeming accounts.

In some cases, penalties were based connected deficiencies successful regulatory compliance and were not intended to pronounce upon the validity of immoderate transaction oregon statement entered into by the banks with their respective customers, the RBI mentioned.