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Finance InFocus

RBI Penalized IDBI and Dena Bank

Reserve Bank of India has imposed a monetary penalty of 2 crore on Dena Bank and 1 crore on IDBI Bank for non-compliance with various directions, regulatory filings said.

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SMEStreet Desk
04 Mar 2019 12:22 IST

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RBI, Researve Bank of INdia

Reserve Bank of India has imposed a monetary penalty of 2 crore on Dena Bank and 1 crore on IDBI Bank for non-compliance with various directions, regulatory filings said.

In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on February 20, 2018.

In a separate filing, IDBI Bank said the Reserve Bank of India (RBI) has imposed a monetary penalty of 10 million on the Bank for contravention of its regulatory directions on time-bound implementation and strengthening of SWIFT related operational controls.

"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," IDBI Bank said.

IDBI Bank RBI Reserve Bank of India Dena Bank
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