RBI imposes penalty of Rs. 90 lakhs on IDBI Bank

Reserve Bank of India (RBI) vide its letter dated April 08, 2022 has imposed an aggregate penalty of Rs.90 lakh on the Bank, in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 for non compliance with the directions issued by it on Frauds-classification and reporting by commercial banks and select FIs; Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer and Cyber Security Framework in Banks.

The Bank has put in place necessary corrective actions to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.

Shares of IDBI Bank Limited was last trading in BSE at Rs. 47.50 as compared to the previous close of Rs. 47.70. The total number of shares traded during the day was 713922 in over 2189 trades.

The stock hit an intraday high of Rs. 48.40 and intraday low of 47.30. The net turnover during the day was Rs. 34195916.00.

Source : Equity Bulls

Keywords

IDBIBank INE008A01015 RBI Penalty