Balotelli agreed to pay a fine of two week's wages for his poor disciplinary record last season when he abandoned an appeal to a Premier League tribunal in midweek.
A statement from the club said Balotelli made the decision partly out of respect for Mancini but the manager is pleased the player showed respect for his own reputation.
Mancini said: "This is an old situation and it is normal when someone does a mistake he should take his responsibilities and Mario did this. It's normal.
"He (should) respect himself, not me, because it's important for him to respect himself, very important."
The situation increased speculation the mercurial Balotelli could leave City during next month's transfer window but Mancini remains faithful to the 22-year-old.
He said: "I am his manager, like other players, and if he deserves to have other chances he will have them."
Balotelli will not feature in this weekend's Barclays Premier League clash against Reading at the Etihad Stadium after missing some training sessions this week with a virus.
Mancini said: "This weekend Mario, unfortunately, is ill. He came this morning but he can't do anything."