Case Brief
RBI ordered a monetary penalty of ₹75.00 lakh on ICICI Bank Limited for non-compliance with directions relating to ‘Valuation of Properties - Empanelment of Valuers’ and ‘Opening of Current Accounts by Banks – Need for discipline’. The penalty was imposed after supervisory inspection findings from ISE 2024, a show-cause notice, and consideration of the bank’s replies and submissions. RBI found that the bank failed to use independent valuers for some mortgage loan property valuations and opened/maintained certain current accounts contrary to regulatory requirements.
Action Snapshot
- Primary Impact
- Fine: Rs 75.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty