RBI slaps record Rs 12 crore fine on ICICI Bank over lapses
Tuesday, 17 October 2023
RBI inspected the books of ICICI Bank in 2020 and 2021 to evaluate its financial status. During the inspection, RBI found that the bank had given loans to companies where two of the lenderβs directors held board positions β in violation of RBI guidelines. The bank also marketed and sold non-financial products, which are outside the remit of a commercial bank.
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