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RBI slaps Rs 30-mn fine on IDBI for not following classification of loans

RBI said the action is not intended to pronounce upon the validity of any transaction entered into by the bank with its customers

IANS  |  Mumbai 

IDBI
IDBI Bank

The on Wednesday said it has imposed a penalty of Rs 30 million on for non-compliance with the directions issued by it on income recognition and asset classification norms.

"The of India (RBI) has imposed, through an order dated April 9, 2018, a monetary penalty of Rs 30 million on Limited (the bank) for non-compliance with the directions issued by on income recognition and asset classification (IRAC) norms," the central said in a statement.

The penalty has been imposed in exercise of powers vested in 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 to adhere to the directions issued by RBI, it added.

It further said, the action is not intended to pronounce upon the validity of any transaction or agreement entered into by the with its customers.

First Published: Wed, April 11 2018. 21:58 IST
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