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[ad_1] Bengaluru: The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting. The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release. The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection. The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said. The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore. The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure t...

[ad_1] The RBI clarified that the symbol is an identifier that it is a replaced/reprinted banknote. Mumbai: A currency note with a star (*) symbol is identical to any other legal banknote, the Reserve Bank said on Thursday allaying concerns on the validity of such notes. The symbol is inserted in the number panel of a banknote that is used as replacement for defectively printed notes in a packet of 100 pieces of serially numbered banknotes, the RBI said. In a statement, the central bank said it has come to the notice of the RBI that the validity of banknotes with this symbol present on the number panel has recently been the subject of discussions on some social media platforms. "A banknote with a star (*) symbol is identical to any other legal banknote, except that in the number panel a star (*) symbol is added between the prefix and the serial number," it said. The RBI clarified that the symbol is an identifier that it is a replaced/reprinted banknote.   (Except for the...