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RBI slaps Rs 3 cr fine on IDBI Bank

Press Trust of India  |  New Delhi 

today said the of India has imposed a penalty of Rs 3 crore on the for non-compliance to the Income Recognition and Asset Classification (IRAC) norms.

"This is to inform that the (RBI) vide its letter dated April 10, 2018 has imposed a monetary penalty of Rs 30 million on the Bank in exercise of the powers...for non compliance with the directions issued by it on Income Recognition and Asset Classification (IRAC) norms," said in a filing to BSE.

The said penalty will not have any material impact on the Bank, the filing added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 22:20 IST