Case Brief
The Reserve Bank of India imposed a monetary penalty on ICICI Bank Ltd. by order dated December 13, 2021 for breaching RBI directions on levy of penal charges for non-maintenance of minimum balances in savings bank accounts. RBI said its supervisory examination found the bank levied charges that were not directly proportionate to the shortfall in minimum balance. After show-cause proceedings and review of the bank's replies and submissions, RBI concluded that the violation was established and imposed a penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 30.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty