For non compliance with IRAC norms IDBI Bank announced that the Reserve Bank of India (RBI) vide letter dated 10 April 2018 has imposed a monetary penalty of Rs. 3 crore on the Bank, in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, for non-compliance with the directions issued by it on Income Recognition and Asset Classification (IRAC) norms. Powered by Capital Market - Live News