RBI slaps Rs.3 Cr monetary penalty on IDBI bank

April 12, 2018 15:19

The Reserve Bank of India has imposed monetary penalty worth Rs 3 crore on IDBI Bank for not complying with the outlined norms related to reporting of bad loans.

In an official notice, the RBI said the penalty was imposed on account of non-compliance with the directions issued on Income Recognition and Asset Classification norms.

"This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by the RBI," the notice read. -- ANI

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