The Reserve Bank of India (RBI), has levied a penalty of Rs.3 crore on IDBI Bank, for failing to comply with norms related to reporting of bad loans.
“The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of Rs.30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.”
Further the RBI has stated that, this action is based on deficiencies in regulatory compliance and does not intend to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
