New Delhi: IDBI Bank on Thursday said that the Reserve Bank of India (RBI) slapped Rs 3 crore fine on it for disobeying the Income Recognition and Asset Classification (IRAC) rules.
Last month RBI had imposed a penalty of Rs 3 crore on Axis Bank for non-compliance of rules on the issue related to the non-performing assets (NPA).
The RBI had imposed a fine of Rs 2 crore on the Indian Overseas Bank of the public sector in a separate case. This penalty was imposed on the bank due to the ignorance of Know Your Customer (KYC) norms. This mistake was detected in investigating a case of fraud in a branch of Indian Overseas Bank.
In a statement issued by RBI on penalties on IndusInd, it was said that the penalties have been imposed after the violation of the guidelines issued by the central bank on non-performing loans and non-fund based limits.
