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October 25, 2017

RBI fines IDFC Bank and Yes Bank for violations

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The Reserve Bank of India (RBI) today imposed a penalty of Rs 6 crore and Rs 2 crore on Yes Bank and IDFC Bank respectively for non-compliance with the directions issued by the central bank.

The Yes Bank Ltd was slapped with fine for non-compliance with the directions issued by RBI on Income Recognition Asset Classification (IRAC) norms and delayed reporting of information security incident involving ATMs of the bank. The IDFC Bank Ltd was fined for contravention of regulatory restrictions pertaining to loans and advances.

The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of section 11(3) of FEMA 1999, taking into account the violations of the instructions/directions/guidelines issued by Reserve Bank of India from time to time.

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