RBI imposes ₹1-crore penalty on ICICI Bank, fines YES Bank ₹91 lakh

RBI imposes ₹1-crore penalty on ICICI Bank, fines YES Bank ₹91 lakh

Daily Current Affairs / RBI imposes ₹1-crore penalty on ICICI Bank, fines YES Bank ₹91 lakh

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Category : Business and economics Published on: May 31 2024

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The Reserve Bank of India (RBI) has imposed penalties on ICICI Bank and YES Bank following supervisory inspections that revealed regulatory violations as of March 31, 2022.
ICICI Bank has been fined Rs 1 crore for improper loan practices, specifically for sanctioning term loans without adequate due diligence and ensuring loans were used for specific, monitorable projects.
These loans were instead serviced using budgetary resources rather than project revenues.
YES Bank has been fined Rs 91 lakh for violating RBI guidelines by charging customers for not maintaining minimum balances in savings accounts with insufficient or zero balances.
Additionally, the bank operated internal accounts under customers’ names for unauthorized purposes such as parking funds and routing transactions, further contributing to the regulatory breaches identified by the RBI.

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