RBI slaps Rs 3 crore fine on IDBI Bank

NEW DELHI: IDBI Bank today said the Reserve Bank of India has imposed a penalty of Rs 3 crore on the bank for non-compliance to the Income Recognition and Asset Classification (IRAC) norms.

"This is to inform that the Reserve Bank of India (RBI) vide its letter dated April 10, 2018 has imposed a monetary penalty of Rs 30 million on the Bank in exercise of the powers...for non compliance with the directions issued by it on Income Recognition and Asset Classification (IRAC) norms," IDBI Bank said in a filing to BSE.

The said penalty will not have any material impact on the Bank, the filing added.