ICICI Bank was twice issued letter of warning or advisory note in the last two years for violating the Reserve Bank of India (RBI) guidelines.
In 2007-08, ICICI Bank was accused of violating RBI guidelines/directives related to opening of deposit accounts, which led to fictitious accounts being opened by fraudsters at the bank’s Patna branch, Finance Minister Pranab Mukherjee said in a written reply to the House. The bank was issued an advisory note in December 2007 and a letter of warning in April 2008 for its irregular dealings in securities in Hong Kong, he said.
Besides ICICI Bank, others, including Bank of Baroda, Dena Bank, HSBC Bank and Centurion Bank of Punjab Ltd, were issued letters of displeasure by RBI for violating FEMA (Foreign Exchange Management Act) guidelines or with regard to opening of deposit accounts, the minister said.
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