RBI imposes penalties of 2 crore on IDBI and Rs 1 crore on Dena Bank
Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on February 20, 2018
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The central bank also said there should be no concept of “guaranteed bonuses” in the compensation plan
The Reserve Bank has imposed a monetary penalty of 2 crore on Dena Bank and 1 crore on IDBI Bank for non-compliance with various directions, regulatory filings said Saturday.
In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on February 20, 2018.
In a separate filing, IDBI Bank said the Reserve Bank of India (RBI) has imposed a monetary penalty of 10 million on the Bank for contravention of its regulatory directions on time-bound implementation and strengthening of SWIFT related operational controls.
"The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur," IDBI Bank said.
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First Published: Mar 02 2019 | 7:55 PM IST