Bengaluru:
The Reserve Financial institution of India (RBI) on Tuesday mentioned that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Financial institution for violating guidelines associated to the code of conduct for the financial institution’s administrators and for fraud reporting.
The RBI’s inspection stories confirmed ICICI Financial institution had sanctioned or dedicated loans to corporations wherein two of its administrators had been additionally administrators, the RBI mentioned in a launch.
The financial institution had additionally marketed and engaged within the sale of non-financial product and did not report frauds to the central financial institution throughout the prescribed timeline of inside three weeks from detection.
The violations had been detected throughout inspections for the monetary years ending March 2020 and March 2021, the RBI mentioned.
The central financial institution individually penalised fellow non-public lender Kotak Mahindra Financial institution with a sum of Rs 3.95 crore.
The financial institution was discovered to have levied curiosity on some loans opposite to phrases of sanction, failed to hold out an annual evaluation of a service supplier and be sure that its clients should not contacted between 7 pm and seven am as directed by the RBI, inspections confirmed.
These violations had been caught throughout an inspection for the monetary 12 months ending March 2022.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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