New Delhi, Apr 12 (KNN) The Reserve Bank of India (RBI) has slapped a monetary penalty of Rs 30 million on IDBI Bank for non-compliance of Income Recognition and Asset Clarification (IRAC) norms.

In a release RBI said it has imposed, through an order dated April 09, 2018, a monetary penalty of Rs 30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, said the apex bank. (KNN Bureau)