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RBI imposes monetary penalty worth Rs 58.9 crore on ICICI Bank

In a rare move, The Reserve Bank of India (RBI) on Thursday imposed monetary penalty worth Rs. 58.9 crore on ICICI Bank, the country’s biggest private bank, for failing to abide by rules on the sale of bonds in the held-to-maturity (HTM) category.

“The Reserve Bank of India (RBI) has imposed through an order dated March 26, 2018, a monetary penalty of Rs. 589 million on ICICI Bank Limited (the bank) for non-compliance with directions issued by RBI on direct sale of securities from its HTM portfolio and specified disclosure in this regard,” RBI mentioned in a release.

It added that the penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions/guidelines issued by RBI.

“This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the release added.Entrepreneur Gautam Raj Anand makes it to Forbes’ ’30 under 30 Asia 2018′

Gautam Raj Anand makes the country proud after being placed alongside notable names like PV Sindhu and Anushka Sharma on the coveted list of Forbes 30 Under 30 ASIA (2018) in the Media Marketing and Advertising category for his path breaking approach to the problem plaguing the online content industry on Thursday.

“With most things on the internet today, there exists a bridge between the creators and consumers of a service. Musicians have Spotify, Eateries have Yelp and products have E-commerce to take care of everything aside from their core competency. In the world of content, however, this bridge is broken,” said Anand on his remarkable achievement.

Hubhopper fills the gap. It makes Publisher Discovery a breeze as it stations a huge library of content creators (Writers, Bloggers, Vloggers and Publications). It enables standardization of the currently unorganized online content business, updating feeds for users based on their specific interests under a managed interface, changing the way they perceive content consumption.

“Sustainably successful platforms can only be built through genuine user love and loyalty. It’s always better to have a segment of users addicted to your product than a large group of users indifferent to it. We want to spend this time learning more about our users in every way possible,” he added.

Hubhopper turned heads when it topped both the Google Play Store and Apple App store in the same month last year.

With various accolades under its belt ranging from its incredible 4.8 rating, to being a part of the Apple Accelerator and being named Problem solver of the year for 2017.

It’s no surprise hence, that the platform has been able to pique the country’s interest and attention.

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