RBI imposes Rs. 4.5 crore penalty on IndusInd Bank for violation of rules

The Reserve Bank of India has imposed a monetary penalty of Rs 4.5 crore on IndusInd Bank Ltd for non-compliance with certain provisions of directions issued by it on ‘Exposure Norms’, ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances’, among others.
RBI also flagged non-compliance of its directions on ‘SPARC (Supervisory Programme for Assessment of Risk and Capital) – Monitoring of Information Submission by bank’, ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ read with directions on ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Disclosure in Financial Statements - Notes to Accounts’.