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RBI Slaps Rs. 3cr Fine on IndusInd Bank
December 18, 2017
India’s central bank RBI has imposed a fine of Rs. 3 crores on new-generation and private sector IndusInd Bank for violating the norms for income classification.
In a recent statement, RBI said that it imposed a penalty on the bank after realizing that it had breached various rules related to the extension of the non-fund based limits as well as the non-performing loans.
RBI also said that a notice was sent to the bank on August 10, 2017, asking it to give the reasoning as to why the penalty should not be imposed on it.
