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ICICI Bank Faces RBI Penalty for Regulatory Non-Compliance

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ICICI Bank Faces RBI Penalty for Regulatory Non-Compliance

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ICICI Bank Limited ( (IN:ICICIBANK) ) has issued an update.

ICICI Bank Limited has been fined ₹97.80 lakh by the Reserve Bank of India (RBI) for non-compliance with certain regulatory directives, including failure to report a cyber security incident in a timely manner, inadequate software for account alerts, and improper billing practices for credit card customers. This penalty highlights deficiencies in the bank’s regulatory compliance, though it does not affect the validity of transactions with customers. The action underscores the importance of adhering to RBI’s guidelines and may have implications for the bank’s operational practices and stakeholder trust.

More about ICICI Bank Limited

ICICI Bank Limited is a prominent financial institution in India, operating in the banking industry. It offers a wide range of banking products and services, including retail banking, corporate banking, and financial services, with a significant market presence in India and international operations.

YTD Price Performance: 10.75%

Average Trading Volume: 329,633

Current Market Cap: 10136.5B INR

For a thorough assessment of ICICIBANK stock, go to TipRanks’ Stock Analysis page.

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