English Vocabulary from
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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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