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Banking And Finance
Rs3 crore penalty on IDBI Bank
Bank is already under PCA
MUMBAI: The Reserve Bank of India (RBI) has imposed, through an order dated April 9, 2018, a monetary penalty of ₹3 crore million on IDBI Bank Ltd for “non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.”
This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) taking into account the failure of the bank to adhere to the directions issued by RBI.
Written By
CL Jose
Editor at Business Benchmark NewsHave been in the financial media since the early 90s, starting with Financiall Express in Mumbai. Worked in Mumbai editions of Business Standard and Observer of Business and Politics. I spent most of my journalistic career in the GCC - Saudi Arabia, Oman and UAE with various business newspapers, mostly covering banking and finance.
