IDFC First Bank Limited

RBI imposed a monetary penalty of Rs 38.60 lakh on IDFC First Bank Limited for KYC non-compliance. The bank failed to conduct requisite customer due diligence for opening current accounts of certain sole proprietary firms.

IDFC First Bank Limited must absorb the monetary penalty and remain compliant with RBI’s KYC/customer due diligence requirements. The action does not itself impose an operating restriction, but it signals supervisory concern and may expose the bank to further regulatory action if similar lapses continue.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed a ₹1 crore monetary penalty on IDFC First Bank Limited for non-compliance with RBI directions on loans and advances. The issue related to infrastructure term loans sanctioned without adequate due diligence and serviced out of budgetary resources.

IDFC First Bank Limited must absorb the monetary penalty and continue complying with RBI's lending-related directions. The action does not itself bar ongoing operations, but it signals enhanced supervisory scrutiny over the bank's loan appraisal and compliance practices, particularly for infrastructure and PSU lending.

• section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949