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RBI penalty not to have any material impact: IDBI Bank

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.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
RBI penalty will have little effects on banks. Wikimedia Commons

“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.

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

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