Equity indices ended with steep losses on Tuesday as rising COVID-19 cases dented investors sentiment. The Nifty closed below the 14,500 mark. Pharma and FMCG stocks tumbled while banks stocks gained.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, fell 465 points or 0.95% at 48,253.44. The Nifty 50 index declined 137.65 points or 0.94% at 14,496.10.
In the broader market, the S&P BSE Mid-Cap index fell 0.5% while the S&P BSE Small-Cap index declined 0.57%.
The market breadth was negative. On the BSE, 1,402 shares rose and 1,563 shares fell. A total of 176 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 15,35,53,270 with 32,13,573 deaths. India reported 34,47,133 active cases of COVID-19 infection and 2,22,408 deaths while 1,66,13,292 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
For violating investment portfolio normsICICI Bank announced that the Reserve Bank of India on 03 May 2021 has imposed a penalty of Rs 3 crore on the Bank. This penalty has been imposed under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for shifting certain investments from HTM category to AFS category in May 2017. The Bank had transferred two separate categories of securities on two different dates from HTM to AFS in April and May of 2017, which it believed was
permissible as per Master Circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks dated July 01, 2015. RBI has held that the shifting of securities the second time in May 2017 without explicit permission was in contravention of RBI directions.
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RBI fines ICICI Bank with Rs 3 crore for breach of certain directions
ICICI Bank
Reserve Bank of India (RBI) imposed a monetary penalty of Rs 3 crore on private lender ICICI Bank. This fine was imposed for violation of certain directions issued by RBI on âprudential norms for classification, valuation and operation of investment portfolio by banksâ
The regulator stated, This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act). 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.
Source:
Highlights
Giving details, the RBI said an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the directions.
A notice was issued to ICICI Bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI.
A penalty of Rs 3 crore has been imposed on ICICI Bank Ltd for contravention of certain directions, the Reserve Bank of India said on Monday.
The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank for contravention of certain directions issued by the RBI contained in Master Circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks dated July 1, 2015 , the central bank said in a statement.