BENGALURU, Oct 17 (Reuters) – The Reserve Bank of India (RBI) on Tuesday mentioned that it has imposed a penalty of 121.9 million rupees ($1.47 million) on ICICI Bank (ICBK.NS) for violating guidelines associated to the code of conduct for the financial institution’s administrators and for fraud reporting.

The RBI’s inspection reviews confirmed ICICI Bank had sanctioned or dedicated loans to firms through which two of its administrators have been additionally administrators, the RBI mentioned in a launch.

The financial institution had additionally marketed and engaged within the sale of non-financial product and did not report frauds to the central financial institution throughout the prescribed timeline of inside three weeks from detection.

The violations have been detected throughout inspections for the monetary years ending March 2020 and March 2021, the RBI mentioned.

The central financial institution individually penalised fellow personal lender Kotak Mahindra Bank (KTKM.NS) with a sum of 39.5 million rupees.

The financial institution was discovered to have levied curiosity on some loans opposite to phrases of sanction, failed to hold out an annual assessment of a service supplier and be sure that its prospects are usually not contacted between 7 pm IST and seven am IST as directed by the RBI, inspections confirmed.

These violations have been caught throughout an inspection for the monetary yr ending March 2022.

($1 = 83.2004 Indian rupees)

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