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RBI fines IndusInd Bank ₹4.5 crore for violating norms

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 4.50 crore on IndusInd Bank Limited for non-compliance with certain prudential norms, the central bank said in a release. The violation is in relation to provisions of directions issued by RBI on ‘Exposure Norms’, ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’ among others, the RBI said.

Also, the bank was found violating ‘SPARC – Monitoring of Information Submission by bank’, ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ read with directions on ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Disclosure in Financial Statements- Notes to Accounts’, the RBI said.

News source ~ Money Control