RBI inflicts penalties on IDBI, Dena Bank.
Dena Bank said the Reserve Bank had inflicted a penalty on it for non-compliance with the regulations declared on February 20, 2018.
The Reserve Bank has inflicted a financial penalty of Rs 2 crore on Dena Bank and Rs 1 crore on IDBI Bank for non-compliance with several regulations, administrative filings said.
In a filing to the BSE, Dena Bank said the Reserve Bank had inflicted a fine of Rs 20 million on it for non-compliance with the regulations declared on February 20, 2018.
In a separate filing, IDBI Bank said the Reserve Bank of India (RBI) had inflicted a financial fine of Rs 10 million on the Bank for violation of its supervisory commands on time-bound execution and reinforce SWIFT-related operational controls.
IDBI Bank said "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."