Case Brief
What Happened
RBI, by order dated May 03, 2021, imposed a monetary penalty of Rs 3 crore on ICICI Bank Ltd. The penalty was for contravention of RBI directions in the Master Circular on prudential norms governing classification, valuation, and operation of banks’ investment portfolios, specifically in connection with shifting securities from one category to another. RBI said the action was based on regulatory compliance deficiencies and followed a show-cause process before concluding that the non-compliance was substantiated.