ICICI Bank Share Price Live Updates: ICICI Bank's Monthly Return Overview
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Business Standard
21 minutes ago
- Business Standard
RBI imposes ₹75 lakh penalty on ICICI Bank for compliance breaches
The Reserve Bank fined ICICI Bank for violations related to property valuation and current account operations, citing non-compliance without impacting customer transactions Mumbai The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 75 lakh on ICICI Bank Limited for violating certain regulatory directions on 'Valuation of Properties – Empanelment of Valuers' and 'Opening of Current Accounts by Banks – Need for Discipline', the central bank said in a notification on Friday. The central bank said it found that ICICI Bank had failed to conduct property valuations through independent valuers in certain mortgage loans and had opened or maintained current accounts in breach of regulatory norms. The action was taken on account of deficiencies in regulatory compliance and does not question the validity of any customer transactions. It also does not preclude further action against the bank.
Indian Express
20 hours ago
- Indian Express
Bank ordered to pay over Rs 1 crore to company that lost the amount in 2023 SIM swap fraud; telecom major also penalised
An Ahmedabad-based company, which deals in ball bearings and had lost Rs 1.2 crore to cybercriminals in a SIM swap fraud in March 2023, has received compensation to the tune of Rs 1.2 crore from penalties imposed on a leading bank and a major telecom company that were held liable by the Adjudication Officer of the Department of Science and Technology (DST) of Gujarat. Passed on July 31, the order by Mona Khandhar, the Principal Secretary of the DST and the Adjudication Officer under the Information Technology Act, ordered ICICI Bank to pay Rs 10 lakh as penalty and Rs 1.05 crore as compensation to Collective Trade Links Private Limited. Further, Vodafone Idea Limited was ordered to pay Rs 5 lakh as penalty to the complainant. Both the companies have been asked to submit the amount within 6 weeks from the date of the order. Both companies were also directed to implement internal vulnerability checks within three months. ICICI Bank was further directed to upgrade its ICT (Information and Communication Technologies) platforms within six months. According to the original case filed at the Cybercrime Police station in Ahmedabad, the firm had lost a total of Rs 1,19,37,000 on March 12, 2023, in a series of 22 transactions. This happened on a Sunday, a non-working day, and when the Director, Prakash I Mehta, was not even in India but in Vietnam. The illegal transactions took place after cybercriminals sent an email to the telecom company asking for a change in the SIM card. This was authorised to approve financial transactions of the complainant firm. The fraudsters had also submitted fake documents to enable the transaction. The next day, the accountants at the firm discovered the theft and reported it to the police. Subsequently, the company's director approached the Adjudication Officer of the DST to seek compensation from the telecom company and the bank, and filed a civil complaint under sections 43 and 43-A of the Information Technology Act, which deal with civil liability for criminal action against unauthorised accesses, data theft and damage to computers systems. Hearings were held on five dates in 2024 and in January 2025. The order said, 'An investigation has revealed that Prashanta Datta, a Vodafone store manager in West Bengal, was allegedly complicit in the issuance of blank SIM cards, bypassing established verification protocols. One such SIM card was subsequently exploited in the commission of the fraud against the complainant.' Further, regarding the bank, the order stated, 'Negligence was exhibited by ICICI Bank in failing to exercise due diligence while adding new beneficiaries and approving transactions, thereby violating established banking norms and protocols. The bank's failure to implement proper verification procedures allowed for the approval of unauthorised high-value transactions which exceeded the standard transaction limits and by-passed necessary security checks. This breach of due negligence directly resulted in the financial loss of Rs 1,19,37,000 to the complainant.'
Time of India
a day ago
- Time of India
Kotak Bank Share Price Live Updates: Kotak Mahindra Bank shares in focus as shareholder likely to sell Rs 2,066 crore stake via block deal
07 Aug 2025 | 09:25:27 AM IST Welcome to the Kotak Bank Stock Liveblog, your real-time source for the latest updates and comprehensive analysis on a prominent stock. Dive into the current details of Kotak Bank, including: Last traded price 1972.3, Market capitalization: 398141.26, Volume: 11773864, Price-to-earnings ratio 20.79, Earnings per share 96.31. Our liveblog offers a complete overview of Kotak Bank through a blend of fundamental and technical indicators. Stay informed about breaking news that can shape Kotak Bank's performance in the market. Our market analysis and expert opinions empower you to make informed investment decisions. Join us as we unravel the potential of Kotak Bank in the ever-changing market landscape. The data points are updated as on 09:25:27 AM IST, 07 Aug 2025 Show more
