Case Brief
By an order dated April 30, 2025, RBI imposed a monetary penalty on IDBI Bank Limited after a statutory inspection and supervisory review found non-compliance with RBI directions on the Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC). RBI said the bank charged interest in excess of the applicable rate in certain KCC accounts. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 31.8 L
- Entity Type
- Bank
- Action Type
- Monetary penalty