Tag: icici bank
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ICICI Bank’s New Rs. 50,000 Minimum Balance Rule: What Happens If You Don’t Maintain It
ICICI Bank’s New Rs. 50,000 Minimum Balance Rule: What Happens If You Don’t Maintain It Effective August 1, 2025, new ICICI Bank urban savings accounts must maintain a Monthly Average Balance (MAB) of Rs. 50,000. Falling short can attract penalties. (Existing accounts continue under old rules.) Key rule for urban branches: Minimum MAB = Rs.…
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Banks Free to Decide Minimum Balance Requirement, Says RBI Governor
Banks Free to Decide Minimum Balance Requirement, Says RBI Governor Reserve Bank of India (RBI) Governor Sanjay Malhotra has clarified that the central bank has not imposed any restrictions on the minimum balance requirement for savings accounts, leaving the decision entirely to individual banks. RBI Governor Sanjay Malhotra: “What kind of minimum balance is required…
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RBI imposes Rs. 75.00 lakh penalty on ICICI Bank for breaches in property valuation and current account rules
The Reserve Bank of India has imposed a monetary penalty of Rs. 75.00 lakh on ICICI Bank Limited for non-compliance with directions on Valuation of Properties – Empanelment of Valuers and Opening of Current Accounts by Banks – Need for discipline. The order is dated . Key points at a glance Penalty amount: Rs. 75.00…