Contact Your Financial Adviser Money Making MC
25
October 2017
 |
RBI (The Total Investment & Insurance
Solutions)
The
Reserve Bank of India (RBI) on Tuesday announced it has imposed a penalty of Rs
6 crore on Yes Bank and fined IDFC Bank Rs 2 crore for not complying with the
directions of the central bank. The Total Investment
& Insurance Solutions
While
Yes Bank delayed reporting an information security incident involving its ATMs
and failed to comply with the RBI's direction on Income Recognition Asset
Classification (IRAC norms), IDFC Bank was penalised for breaching regulatory
restrictions related to loans and advances, the apex bank said.
"RBI
has imposed on October 23, 2017, a monetary penalty of Rs 60 million on Yes
Bank for non-compliance with the directions issued by RBI on Income Recognition
Asset Classification (IRAC) norms and delayed reporting of information security
incident involving ATMs of the bank," an RBI release here said. The Total Investment & Insurance Solutions
"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," it said.
According
to the RBI, a statutory inspection of the bank's financial position revealed
violations of various regulations issued by the RBI in the assessment of
non-performing assets (NPAs), or bad loans.
"A
cyber-security incident involving ATMs of the bank was also not reported by the
bank within the prescribed timeframe," it said.
In
a separate release on IDFC Bank, the RBI said it has imposed "a monetary
penalty of Rs 20 million on IDFC Bank for contravention of regulatory
restrictions pertaining to loans and advances." The Total Investment & Insurance Solutions
"Based
on the status report, a notice was issued to the bank dated August 07, 2017
advising it to show cause as to why penalty should not be imposed on it for
non-compliance with directions issued by RBI," it said.The Total Investment & Insurance Solutions
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