Sunday April 22, 2018
Home Business RBI penalty n...

RBI penalty not to have any material impact: IDBI Bank

0
//
28
IDBI is a state-run bank. IANS
Republish
Reprint

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.

Also Read: 

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

Click here for reuse options!
Copyright 2018 NewsGram

Next Story

PNB says no “cash shortage” in its ATMs

Finance Minister Arun Jaitley sought to allay fears amidst reports of a cash crunch and empty ATMs in the country

0
//
13
pnb
PNB: No cash shortage in ATMs. Wikimedia Commons

State-run Punjab National Bank (PNB) on Wednesday said there is no “cash shortage in its ATMs across the country.

“Overall, Punjab National Bank has not faced any cash shortage in its ATMs across the country and continue to function as usual,” the state-run lender said in a statement. “Out of 9,679 PNB ATMs, there is a 90 per cent availability of ATMs which is normal.”

PNB denies claims of cash shortage.

On Tuesday, Finance Minister Arun Jaitley sought to allay fears amidst reports of a cash crunch and empty ATMs in the country by stating that “there is more than adequate currency in circulation”, even as the government blamed “unusual demand” for shortages in some areas.

Also Read: PNB scam: Additional Rs 1,300 cr fraud revealed

Besides, the central government announced that it has decided to increase printing of Rs 500 notes by five times. In addition, the Reserve Bank of India (RBI) said that it is “taking steps to move currency to areas” which have witnessed unusually large cash withdrawals.

“The shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway. RBI is closely monitoring both these aspects,” the RBI had said in a statement on Tuesday. “Further, as a matter of abundant precaution, RBI is also taking steps to move currency to areas which are witnessing unusually large cash withdrawals.” IANS

Next Story