ICICI Bank slapped with ₹75L penalty by RBI
ICICI Bank just got hit with a ₹75 lakh fine from the Reserve Bank of India (RBI) after a recent inspection found it broke some important banking rules.
The RBI pointed out that ICICI didn't do proper independent checks on certain mortgage properties and opened or kept current accounts in ways that go against regulations.
RBI gave ICICI chance to explain
Once the RBI spotted these issues, they gave ICICI Bank a chance to explain.
Even after written and oral responses, the RBI decided the violations were real and confirmed the penalty.
The good news for customers: this fine is only about rule-breaking by the bank—it doesn't mess with any customer accounts or agreements.
This move shows how seriously RBI takes keeping banks in check
This move shows how seriously RBI takes keeping banks in check.
It's a reminder that even big banks aren't above the rules—and more action could come if needed.
For anyone following how safe and fair our banks are, this is one to watch.