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The Reserve Bank of India (RBI), has levied a monetary penalty of Rs.2 crore on IDFC Bank Limited for breach of regulatory restrictions related to loans and advances.
As per central bank, “Based on the status report, a notice was issued to the bank dated August 7, 2017 advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI.”
After taking into consideration the bank’s reply RBI stated, “it came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty”.
