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RBI Slaps Fines of Rs. 6 Crores and Rs. 2 Crores on Yes Bank and IDFC Bank
October 27, 2017
The Reserve Bank of India has imposed a fine of Rs. 6 crores on Yes Bank, and Rs. 2 crores on IDFC Bank for violating certain regulations. While the former is fined for not complying with the regulations under the Income Recognition Asset Classification (IRAC), the latter is fined for violating the regulations concerning loans and advances.
According to the Reserve Bank, Yes Bank was found guilty of violating various regulations regarding the assessment of non-performing assets, and also not informing about a cyber-security incident involving ATMs of the bank. IDBI Bank, on the other hand, was found guilty of not adhering to the regulations issued regarding renewals of loans and advances.
