123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

Rbi Imposes Monetary Penalty On Yes Bank And Icici Bank

Profile Picture
By Author: Argus News
Total Articles: 472
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

New Delhi, May 28: The Reserve Bank of India (RBI) has imposed monetary penalty on Yes Bank and ICICI Bank for non-compliances with certain directions issued by it.

The penalties imposed on them are Rs 91 lakh and Rs 1 crore, respectively, RBI said in its orders.

RBI said Yes Bank did not comply with 'Customer Service in Banks', and 'Un-authorized Operation of lnternal/Office Accounts'.

Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions

After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the charges against the bank were sustained, warranting imposition of monetary penalty.

The bank, it asserted, levied charges for non-maintenance of minimum balance in certain savings accounts having insufficient/zero balance; opened and operated certain internal accounts in the name ...
... of its customers for unauthorized purposes like parking funds and routing customer transactions.

Separately, RBI said ICICI Bank did not comply with certain directions issued by RBI on 'Loans and Advances - Statutory and Other Restrictions'.

RBI found that ICICI Bank had sanctioned term loan(s) to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects; without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; the repayment/servicing of which was made out of budgetary resources; and without ensuring that the funding proposals were for specific monitorable projects.

(ANI)

Read Business News

More About the Author

Abinash is a passionate digital marketing specialist. He is digitally savvy and loves to learn new things about the world of digital technology useful information.

Total Views: 80Word Count: 283See All articles From Author

Add Comment

General Articles

1. The Best Education At Barker College: Excellence In Learning And Personal Growth
Author: barker

2. What Makes Putty & Slime Toys So Popular In 2025?
Author: La Luna Bella

3. Black Ops 6 Gamescard: What’s Included And Why It’s Worth It
Author: gamescard

4. Your Local Plumbing Experts In Glendale, Ca
Author: Derks Plumbing

5. Effective Turo Rental Data Scraping For Market Analysis
Author: travel

6. Mobile App Development Companies In Florida
Author: DianApps

7. Mern Stack Ai Training | Mern Stack Training In Ameerpet
Author: Hari

8. Discover Paradise: Why Prathamesh Valley Resort Is One Of The Best Resorts In Mahabaleshwar
Author: Prathamesh Valley Resort

9. Unlocking Workplace Productivity With A Sharepoint Intranet
Author: Jessica

10. India’s Role In Supplying nicotine Pouches to Global Markets
Author: Zvol

11. The Complete Guide To Call Center Solutions: Transform Customer Experience In 2025
Author: Anup Jalan

12. Ayurvedic Panchakarna Centre In Rajajinagar
Author: Ayurvedicdoctor

13. Returning To Sports After Partial Knee Replacement
Author: Dr. Amol Kadu

14. Master Math With Abacus Classes In Henderson | Sip Abacus Nz
Author: SIP Abacus

15. Best Cabs In Tirupati For Temple Visits, Tours & Travel
Author: sid

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: