RBI imposes Rs 3 crore penalty on IDBI Bank

The Reserve Bank of India has issued a penalty of Rs 3 crore penalty for non-compliance with income recognition. It is believed that IRAC norms refer to the classification and provisioning of bad loans in bank records. In its statement, the central bank said the bank did not adhere to RBI norms on Income Recognition and Asset Classification. Previously, RBI fined Axis Bank Rs3 crore for failing to its norms.