Reserve Bank of India (RBI) has imposed monetary penalty of Rs 4.5 crore on IndusInd Bank for non-compliance with certain directions issued by RBI 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’.
IndusInd Bank is as one of the fastest-growing banks in the banking sector in India.