The Reserve Bank of India (RBI) has imposed penalty of Rs 36.30 lakh on IDBI Bank for not undertaking due-diligence while processing the inward remittances from a foreign currency account opened by a constituent. There will be no impact on financial, operation or other activities of the Bank.
The penalty is based on the deficiency in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
IDBI Bank provides a wide gamut of financial products and services encompassing deposits, loans, payment services and investment solutions.
