Context:
The Reserve Bank of India (RBI) levied a monetary penalty of Rs 75 lakh on ICICI Bank Limited for non-compliance with specific regulatory guidelines.
Key Highlights:
- Valuation of Properties:
- The bank failed to ensure property valuations were conducted by independent valuers for certain mortgage loans, violating RBI’s norms on empanelment of valuers.
- Opening and Maintenance of Current Accounts:
- ICICI Bank opened or maintained current accounts without adhering to RBI’s prescribed discipline and regulatory requirements.
- RBI’s Position:
- The penalty is levied solely on grounds of regulatory non-compliance.
- It does not challenge the legitimacy of any customer transactions carried out by the bank.
- This action does not rule out further enforcement or supervisory measures by RBI.
