ICICI Bank falls after RBI imposes penalty of Rs 12.19 crore
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ICICI Bank is currently trading at Rs. 944.60, down by 10.35 points or 1.08% from its previous closing of Rs. 954.95 on the BSE.
The scrip opened at Rs. 953.05 and has touched a high and low of Rs. 953.05 and Rs. 939.25 respectively. So far 252604 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1008.70 on 24-Jul-2023 and a 52 week low of Rs. 796.10 on 30-Jan-2023.
Last one week high and low of the scrip stood at Rs. 960.75 and Rs. 939.25 respectively. The current market cap of the company is Rs. 661235.08 crore.
The Institutions and Non-Institutions held 89.78% and 10.22%, stake in the Bank, respectively.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 12.19 crore on ICICI Bank for contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949 (the BR Act) read with directions issued by RBI on ‘Loans and Advances-Statutory and Other restrictions', sub-section (2) of Section 6 and Section 8 of the BR Act read with directions issued by the RBI on ‘Financial Services provided by the Banks’, and non-compliance with the RBI directions on ‘Frauds classification and reporting by commercial banks and select Fls’.
This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
ICICI Bank is a leading private sector bank in India.
