Mumbai: A penalty of Rs 3 crore has been imposed on ICICI Bank for contravention of certain directions, the Reserve Bank of India said. The apex bank 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. Meanwhile, ICICI Bank in a stock exchange filing said the penalty has been imposed under certain provisions 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,' the private sector lender said.