IDBI Bank slips 2% after RBI slaps Rs 3 crore fine

Shares of IDBI Bank were trading nearly 2 per cent down in the afternoon trade on Thursday after the lender on Wednesday post market hours informed bourses that the Reserve Bank of India (RBI) has slapped a monetary penalty of Rs 3 crore on the bank for non-compliance to the Income Recognition and Asset Classification (IRAC) norms.

The scrip opened at Rs 70.80 and touched a high and low of Rs 72 and Rs 69.80, respectively, eventually closing at Rs 71.35, down 1.04 per cent.

“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 on Wednesday.


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