RBI imposes Rs 58.9 crore penalty on ICICI bank

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New Delhi, Mar 29 (ANI): The Reserve Bank of India (RBI) on Thursday imposed monetary penalty worth Rs. 58.9 crore on ICICI bank for failing to abide by rules on the sale of bonds in the held-to-maturity category. The RBI has imposed penalties under provisions of section 47A(1)(c) and section 46(4)(i) of the Banking Regulation Act, 1949. The country’s largest private sector bank apparently defied regulatory compliance. It also failed to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.