ICICI Bank (NYSE: IBN) reports RBI forex compounding order of INR 22,73,554
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
ICICI Bank Limited reported that it has received a compounding order from the Reserve Bank of India’s Foreign Exchange Department in Ahmedabad. The order directs the bank to pay INR 22,73,554 (Rupees Twenty Two Lakhs Seventy Three Thousand Five Hundred and Fifty Four only).
The order relates to delays in filing certain foreign exchange reporting forms, including Form FCGPR, Form FCGPR Part B, and the Annual Return of Foreign Liabilities and Assets for five financial years, as well as receipt of funds through an ineligible mode of payment in some instances of ESOP allotments to non-residents. The bank states that the financial impact of this action is the compounding amount of INR 22,73,554.
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FAQ
What regulatory action involving ICICI Bank (IBN) is disclosed in this 6-K?
ICICI Bank discloses that it received a compounding order from the Reserve Bank of India, Foreign Exchange Department, Ahmedabad, directing it to pay INR 22,73,554.
How much is ICICI Bank required to pay under the RBI compounding order?
The compounding order requires ICICI Bank to pay INR 22,73,554 (Rupees Twenty Two Lakhs Seventy Three Thousand Five Hundred and Fifty Four only), which the bank identifies as the financial impact of the action.
What types of violations or contraventions are cited against ICICI Bank (IBN)?
The order cites delays in filing Form FCGPR and Form FCGPR Part B, receipt of funds through ineligible mode of payment in some ESOP allotments to non-residents, and delays in filing the Annual Return of Foreign Liabilities and Assets for five financial years.
Which regulations does ICICI Bank reference in making this disclosure?
ICICI Bank states that the disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the relevant SEBI circular.
Does the compounding order affect ICICI Bank’s operations according to this disclosure?
The annexure states that the impact on financial, operational or other activities of ICICI Bank, quantifiable in monetary terms, is the compounding amount of INR 22,73,554.
