5/4/2024, 8:10:03 pm

RBI imposes Rs 1 crore monetary penalty on IDFC First Bank

The Reserve Bank of India (RBI) on April 5 said it has imposed Rs 1-crore monetary penalty on IDFC First Bank for rule violations. The bank has not complied with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, according to a press release from the central bank. IDFC First Bank had sanctioned term loans to a public sector undertaking for financing.