Rs3 crore penalty on IDBI Bank

Bank is already under PCA  MUMBAI: The Reserve Bank of India (RBI) has imposed, through an order dated April 9, 2018, a monetary penalty of ₹3 crore million on IDBI Bank Ltd 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) taking into account the failure of the bank to adhere to the directions issued by RBI.