Current Affairs - Banking - Discussion

Reserve Bank of India (RBI) has imposed a penalty of Rs. 3 crore on IDBI Bank for non-compliance with the outlined norms related to reporting of bad loans. the penalty was imposed on account of non-compliance with the directions issued on Income Recognition and Asset Classification (IRAC) norms. Notification regarding this stated that,this penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by the RBI.