RBI penalty not to have any material impact: IDBI Bank

IDBI Bank said a Rs 3 crore penalty imposed on it by the Reserve Bank of India "will not have any material impact" on it.

Published: 12th April 2018 03:44 PM  |   Last Updated: 12th April 2018 03:44 PM   |  A+A-

A file Image of IDBI Bank Ltd.

By IANS

MUMBAI: 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.

ALSO READ: RBI slaps Rs.3 crore monetary penalty on IDBI bank

"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.

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

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp