NEW DELHI: IDBI BankNSE -1.87 % today said the Reserve Bank of India has imposed a penalty of Rs three crore at the financial institution for non-compliance to the profits popularity and Asset category (IRAC) norms.
“this is to inform that the Reserve Bank of India (RBI) vide its letter dated April 10, 2018 has imposed a financial penalty of Rs 30 million on the bank in workout of the powers…for non compliance with the guidelines issued via it on profits reputation and Asset category (IRAC)norms,” IDBI bank stated in a filing to BSE.
The stated penalty will no longer have any material effect at the bank, the submitting brought.
Source- The Economic Times
Also Read
