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

Change Language English Hindi

Category : Business and economics Published on: May 31 2024

Share on facebook

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.

Recent Post's

India has emerged as the world’s third most competitive country in artificial intelligence, according to Stanford University’s Global AI Vibrancy Tool.
Read More....
Lakshadweep hosted its first-ever investors’ meet on fisheries and aquaculture to promote the blue economy, with investment proposals worth about ₹519 crore.
Read More....
The Union Cabinet has approved the Census of India 2027 at a cost of ₹11,718.24 crore, marking India’s first digital-first census exercise.
Read More....
UNESCO has added Pakistan’s ancient clay musical instrument Boreendo from Sindh to the Urgent Safeguarding List due to the risk of extinction.
Read More....
India’s National Film Heritage Mission has digitised and restored 1,469 films, preserving 4.3 lakh minutes of cinematic heritage across all languages.
Read More....
AIIMS Delhi conducted India’s first domestic stroke device trial under the GRASSROOT study, approving the indigenous Supernova brain stent for routine use.
Read More....
India ranks among the world’s most overworked nations, with employees averaging 45.7 hours per week, according to ILO 2024.
Read More....
Andhra Pradesh wins the National Energy Conservation Award 2025 for the fourth consecutive year, leading in energy efficiency across sectors.
Read More....
India’s forex reserves rise by USD 1.033 billion to USD 687.26 billion, strengthening rupee and macroeconomic stability.
Read More....
Siliserh Lake in Rajasthan’s Alwar district has become India’s 96th Ramsar site, highlighting its ecological and historical significance.
Read More....