Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Yes Bank Limited on October 23, 2017. The penalty was levied for non-compliance with RBI directions on Income Recognition and Asset Classification (IRAC) norms and for delayed reporting of an information security incident involving the bank’s ATMs. RBI said the action was based on regulatory deficiencies identified during statutory inspection and was taken under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.