₹1 crore fine on ICICI, ₹90 lakh fine on Yes: RBI imposed penalty for not following standards in loan and customer service

The Reserve Bank of India (RBI) has imposed a fine on two private banks. ICICI Bank has been fined Rs 1 crore and Yes Bank Rs 90 lakh. This fine has been imposed for non-compliance of standards related to loans and customer service. RBI’s investigation revealed that in the financial year 2021-22, ICICI Bank issued loans to many companies without proper investigation. Due to this, the bank had to face financial risk. At the same time, Yes Bank has been fined for violating the standards related to customer service. Yes Bank had imposed a fine for zero balance accounts and opened internal accounts in the name of customers for fund parking and routing customer transactions. Decline in the shares of both the banks Today, the shares of both the banks are seeing a decline. At 12: 25 pm, ICICI Bank’s stock is trading at Rs 1,127.10 with a decline of Rs 2.70 (0.24%). On the other hand, Yes Bank share slipped by Rs 0.30 (1.30%) and is trading at 22.75. Five co-operative banks were fined in March Earlier, in March this year, RBI had taken action against 5 co-operative banks for not following the rules. The banking regulator had imposed a fine of up to Rs 9.25 lakh on these banks. This fine was imposed for not following banking rules and customer safety. The banks against which action was taken include Howrah District Central Co-operative Bank, Standard Urban Co-operative Bank, Excellent Co-operative Bank, Rajapalayam Co-operative Urban Bank and Mandi Urban Co-operative Bank.

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