RBI Imposes a Monetary Penalty of Rs 1 Crore on ‘IDFC First Bank Limited’ for Non-Compliance with RBI Norms

Blog|News|FEMA & Banking|
< 1 minute

By Taxmann
|
Last Updated on 8 April, 2024

IDFC First Bank Limited

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.

Click Here To Read The Full Press Release

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.