Home Business RBI imposes penalty on IndusInd Bank

RBI imposes penalty on IndusInd Bank

by BQ News Bureau
0 comment 27 views

The Reserve Bank of India has imposed a monetary penalty of Rs.4.50 crore on IndusInd Bank for non-compliance with certain provisions of directions issued on Exposure Norms, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’, ‘SPARC – Monitoring of Information Submission by bank’, ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ read with directions on ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Disclosure in Financial Statements- Notes to Accounts.’

According to an RBI statement, this penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949 (the Act). This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI added.

Leave a Comment

Related Posts