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.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date