RBI Slaps Rs2-cr Penalty on IDFC Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances.

The penalty has been imposed in the exercise of powers vested in RBI under the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI.
Important Takeaways from Above News for RRB PO Mains Exam-
  • Mr. Sunil Kakar is the Managing Director & CEO of IDFC Limited.
  • Headquarter of IDFC Bank is in Mumbai.
Source- The Economic Times