RBI Imposes a Monetary Penalty of Rs 1 Crore on ‘IDFC First Bank Limited’ for Non-Compliance with RBI Norms
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Press Release No. 2024-2025/54; Dated: 05.04.2024
The RBI has imposed a monetary penalty of Rs 1 crore on ‘IDFC First Bank Limited’ for violating certain norms. The penalty has been imposed for non-compliance with certain directions issued by the RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This action 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 its customers.
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