Case Brief
The Reserve Bank of India imposed a monetary penalty on IDFC Bank Limited on October 23, 2017. RBI said the bank had contravened regulatory restrictions and failed to adhere to certain directions relating to the sanction and renewal of loans and advances, based on a status report for the bank’s financial position as on December 31, 2016. After issuing a show-cause notice, considering the bank’s reply, and hearing oral submissions, RBI concluded that the non-compliance was substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty