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The Reserve Bank of India has imposed a monetary penalty of ₹2 crore on IDFC Bank for contravention of regulatory restrictions pertaining to loans and advances. The central bank, in a statement said the penalty has been imposed in 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.
“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,” the RBI said. Our Bureau
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