Question

The Reserve Bank of India (RBI) imposed a penalty of Rs 12.19 crore on ICICI Bank for the violation:

A Violation of customer data privacy Correct Answer Incorrect Answer
B Non-compliance with anti-money laundering regulations Correct Answer Incorrect Answer
C Contravention of norms related to loans and advances Correct Answer Incorrect Answer
D Failure to maintain adequate liquidity Correct Answer Incorrect Answer
E Breach of cybersecurity protocols Correct Answer Incorrect Answer

Solution

The Reserve Bank of India (RBI) has imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance with regulatory norms. ICICI Bank was penalized for contravening norms related to loans, advances, fraud classification, and reporting.

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