RBI Imposes Hefty Fines On PNB & ICICI Bank For 'Irregularities'
The Reserve Bank of India (RBI) imposed a fine of Rs 1.8 crore on the Punjab National Bank and Rs 30 lakh on ICICI Bank. The amount has been penalised for deficiencies in regulatory compliances under the Banking Regulation Act, 1949. In an official statement, RBI said, the PNB held more than 30% shares in borrowers companies, whereas in the case of ICICI Bank, they violated compliance rule.