Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on IDBI Bank for contravention of regulatory directions of RBI on Time bound implementation and strengthening of SWIFT related operational controls.
The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
