Reserve Bank of India on Wednesday announced a monetary penalty on ICICI Bank, Punjab National Bank
The Central Bank has imposed a monetary penalty of Rs 1.8 crore on Punjab National Bank and Rs 30 lakh on ICICI Bank. The penalty on PNB has been imposed for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act).
“A penalty of Rs 30 lakh has been imposed on ICICI Bank Ltd. for non-compliance with certain guidelines issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014,” the RBI said in a statement. This action is based on regulatory compliance issues and is not meant to be a judgment on the legitimacy of any transaction or agreement between the bank and its customers.”
