Reserve Bank of India (RBI) has imposed a penalty of Rs 90 lakh on IDBI Bank. The bank has been penalised for non-compliance of directions on 'frauds - classification and reporting by commercial banks and select financial institutions'. The penalty 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 their respective customers.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.
