ICICI Bank Limited has informed the Exchange about Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹97.80 lakhs on ICICI Bank via an order dated April 29, 2025, disclosed to exchanges on May 2, 2025. The penalty follows findings from RBI's Statutory Inspection for Supervisory Evaluation (ISE 2023), based on the bank's position as of March 31, 2023. Three specific compliance lapses were flagged: (1) the bank failed to report a cyber security incident to RBI within the stipulated timeline, (2) it did not deploy a robust software to generate alerts for certain account categories, and (3) it charged late payment fees to credit card customers without sending them their bills/statements. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. RBI clarified the action targets regulatory compliance deficiencies and does not comment on the validity of any customer transactions, though it is without prejudice to any further action.
The penalty amount is small (less than ₹1 crore) relative to ICICI Bank's scale and profitability, so the direct financial impact is negligible. However, the nature of the lapses — especially around cyber security reporting and credit card billing practices — may weigh on sentiment and prompt scrutiny of the bank's internal compliance and risk controls.