Bank
IDBI Bank Faced Rs 31.80 lakh monetary penalty
RBI Imposed the above penalty for charging interest in excess of applicable lending rate to farmers in KCC having sanctioned limits upto Rs. 3 lakh, the bank has informed the bourses.
New Delhi: Reserve Bank of India has imposed a Monetary Penalty of Rs. 31.80 lakh on IDBI Bank. The imposing of a monetary penalty of Rs. 31.80 lakh has been done with the exercise of powers vested in the RBI under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
RBI Imposed the above penalty for charging interest in excess of applicable lending rate to farmers in KCC having sanctioned limits upto Rs. 3 lakh, the bank has informed the bourses.
However, there will be no material impact on financial, operation or other activities of the Bank, it added.
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