State-run IDBI Bank on Thursday said a Rs 3 crore penalty imposed on it by the Reserve Bank of India (RBI) "will not have any material impact" on it. According to a BSE filing by IDBI Bank, the RBI imposed a Rs 3 crore penalty on it for non-compliance of 'Income Recognition and Asset Classification' (IRAC) norms.

"This is to inform that the RBI vide letter dated April 10, 2018 has imposed a monetary penalty of Rs 30 million on the bank… for non-compliance with the directions issued by it on IRAC norms," the filing made on Thursday said.

Also Read:

"It is further clarified that the said penalty will not have any material impact on the bank." IANS