RBI imposes penalty on ICICI Bank and PNB for rule violations
The penalty on ICICI Bank has been imposed “for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014″.
In a statement, the RBI said that the statutory inspection for supervisory evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2019.