Reserve Bank impose penality of Rs 3 crore on IndusInd Bank

Mumbai Dec 13: The Reserve Bank on Wednesday said it has imposed a penalty of Rs 3 crore on IndusInd Bank for deficiencies in regulatory compliance.

"A monetary penalty of Rs 30 million on IndusInd Bank" has been imposed for non-compliance with the directions on Income Recognition and Asset Classification (IRAC) norms and contravention of regulatory restrictions pertaining to non- fund based (NFB) facilities, the RBI said a release.

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the central bank said.

The penalty was imposed on Tuesday.