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