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RBI imposes Rs 2 cr penalty on IDFC Bank

Press Trust of India  |  Mumbai 

The of (RBI) has imposed a monetary penalty of Rs 2 crore on Limited for contravention of regulatory restrictions pertaining to loans and advances.

The in a release said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any or agreement entered into by the with its customers.

The status report of the based on its financial position as on December 31, 2016, revealed, inter alia, non- adherence with certain directions pertaining to sanction / renewal of loans and advances, the central said.

"Based on the status report, a notice was issued to the dated August 7, 2017 advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by RBI," it added.

After considering the bank's reply and oral submissions made in the personal hearing, said, "it came to the conclusion that the aforesaid charge of non-compliance with directions was substantiated and warranted imposition of monetary penalty".

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, October 25 2017. 09:42 IST