RBI imposes penalty of Rs90 lakh on IDBI Bank; Stock under pressure

11 Apr 2022 , 09:18 AM

IDBI Bank has informed that the Reserve Bank of India (RBI) on April 08, 2022 has imposed an aggregate penalty of Rs90 lakh on the Bank on Frauds-classification and reporting by commercial banks and select FIs; Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer and Cyber Security Framework in Banks.

Accordingly, 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.

At around 9:20 AM, IDBI Bank was trading at Rs47.25 apiece down by Rs0.25 or 0.53% from its previous closing of Rs47.50 apiece on the BSE.