RBI fines popular bank Rs 58.9 crore

A penalty of Rs 58.9 crore has been imposed on ICICI Bank by the Reserve Bank of India. Allegedly, the penalty was imposed as ICICI failed to follow the rules on sales of bonds in the held-to-maturity (HTM) category.

According to reports, the penalty is one of a kind, as this is the first time RBI has ever charged a fine of such a huge amount for not following rules. ICICI has reportedly stated, "ICICI Bank had continued with the sales from HTM category for a few weeks during the quarter ended March 31, 2017, due to a genuine misunderstanding on the timing of the applicability of RBI’s direction in this matter."