Mumbai April 12 (IANS) State-run IDBI Bank on Thursday said a Rs 3 crore penalty imposed on it by the Reserve Bank of India (RBI) "will not have any material impact" on it.
According to a BSE filing by IDBI Bank the RBI imposed a Rs 3 crore penalty on it for non-compliance of Income Recognition and Asset Classification (IRAC) norms.
"This is to inform that the RBI vide letter dated April 10 2018 has imposed a monetary penalty of Rs 30 million on the bank... for non-compliance with the directions issued by it on IRAC norms " the filing made on Thursday said.
"It is further clarified that the said penalty will not have any material impact on the bank."
--IANS
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