The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The penalty has been imposed in exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.
This action is based on 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.
IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.
