The Reserve Bank of India (RBI) imposed monetary penalty worth Rs. 3 crore on IDBI Bank for not complying with the outlined norms related to reporting of bad loans. In an official notice, the RBI said the penalty was imposed on account of non-compliance with the directions issued on Income Recognition and Asset Classification (IRAC) norms. On a related note, the RBI in May imposed a penalty of Rs. 589 million on ICICI Bank Limited for non-compliance with directions issued on direct sale of securities from its Held to Maturity (HTM) portfolio and specified disclosure in this regard.

Source: dna April 12, 2018 08:37 UTC