The Reserve Bank of India has fined ICICI Bank Rs 58.9 crore for violating norms regulating the sale of government securities from held-to-maturity category bonds. The central bank said it had issued the order on Monday.

This is the highest penalty the RBI has imposed on a bank for a single incident, according to The Times of India.

“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,” Jose J Kattoor, the RBI’s chief general manager said in a statement.

The bonds in the held-to-maturity category are not supposed to be used for trading purposes, Business Standard reported. At least 20% of a bank’s deposits are held in the form of such bonds, which helps it stay solvent.

Banks can also hold bonds in two other categories that can be traded on the market. The RBI allows banks to shift bonds from one category to the other once a year. It usually happens at the beginning of the financial year.

The RBI’s fine meant ICICI’s shares fell 1.94% on the BSE around 12.30 pm and 1.76% on the broader NSE Nifty.