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RBI slaps penalty of Rs 20 mn on IDFC Bank

Published: Oct 25, 2017

By TIOLCORP News Service

MUMBAI, OCT 25, 2017: THE Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 20 million on IDFC Bank Limited for contravention of regulatory restrictions pertaining to loans and advances. This penalty has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.

The status report of the bank based on its financial position as on December 31, 2016, revealed, non-adherence with certain directions pertaining to sanction / renewal of loans and advances. Based on the status report, a Notice was issued to the bank dated August 07, 2017, asking it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued. After considering the bank's reply and oral submissions made in the personal hearing, RBI came to the conclusion that the charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.


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