The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 crore on IndusInd Bank for non-compliance of directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and contravention of regulatory restrictions pertaining to extension of Non-Fund based facilities. The Penalty has been imposed in exercise of powers vested in the RBI under the provisions of the Banking Regulation Act, 1949.
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. As on June 30, 2017, IndusInd Bank has 1210 branches, and 2090 ATMs spread across 687 geographical locations of the country.
