Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹30 million on IDBI Bank Limited by order dated April 09, 2018. The penalty was imposed for non-compliance with RBI directions on Income Recognition and Asset Classification (IRAC) norms, under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. RBI stated that the action was based on deficiencies in regulatory compliance and did not pronounce on the validity of any transaction or agreement entered into by the bank with its customers.