RBI fines ICICI bank and PNB

Tags: Economics/Business

  • Reserve Bank of India has imposed a fine of Rs 30 lakhs on the ICICI bank for not following the RBI direction on the “levy of charges on customer for the non maintenance of minimum balance in Saving accounts “
  • RBI has fined Punjab National Bank Rs 1.80 crore for not following RBI directions on holding shares of a company as collateral .
  • Under the Banking Regulation act 1949 ,RBI is the regulator of the banks and it has the power of supervision of the banks .
  • Under supervisory function RBI has the power to audit the accounts of the Banks and if it finds any deficiency in the banks then it has the power under section 47 of the Banking Regulation Act 1949, to impose monetary fine on the bank.


  •  ICICI Bank was set up in 1994
  • It is the second largest private bank in India after HDFC Bank 
  • Its Headquarters is at Vadodara 

CEO: Sandeep Bakshi 

PNB(Punjab National Bank )

  •  It was set up in 1894 at Lahore .
  • It is the third largest public sector bank of India after SBI and Bank of Baroda .
  • The Headquarter of PNB is at New Delhi .
  • CEOand MD : S.S. Mallikarjuna. Rao

 Lala lajpat Rai was the first person to open an account with the bank.

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