ICICI Bank Ltd. – Penalised
Case Brief
The Reserve Bank of India imposed a penalty of Rs. 5.00 lakh on ICICI Bank Ltd. under the Banking Regulation Act, 1949. The penalty was for violation of RBI's KYC/AML standards issued on November 24, 2004. RBI had issued a show-cause notice on April 9, 2009, and after considering the bank's written replies and oral submissions at a personal hearing on August 3, 2009, concluded that the violation was established and imposed the penalty.
RBI imposed a monetary penalty of Rs. 5.00 lakh on ICICI Bank Ltd. under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. The violation was of RBI's Know Your Customer (KYC) / Anti Money Laundering (AML) standards issued on November 24, 2004. RBI issued a show-cause notice dated April 9, 2009, considered the bank's written replies and oral submissions at a personal hearing on August 3, 2009, and concluded that the violation was established.
Severity Assessment
The action is a monetary penalty of Rs. 5 lakh, which falls in severity band 2.
ICICI Bank must absorb the monetary penalty; the order does not describe any operational restriction or license impact. The underlying compliance issue relates to KYC/AML controls, so the bank is expected to remain compliant with RBI standards going forward.
Published as ICICI Bank Ltd.
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ICICI Bank Limited
Monetary penalty · Fresh imposition
ICICI Bank Ltd.
Monetary penalty · Fresh imposition
ICICI Bank Ltd.
Monetary penalty · Fresh imposition
ICICI Bank Ltd.
Monetary penalty · Fresh imposition
ICICI Bank Ltd.
Monetary penalty · Fresh imposition
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