Attached herewith intimation under Regulation 30 of SEBI(LODR) Regulations, 2015. Kindly Acknowledge.
Awaiting price reaction for this filing.
IDBI Bank has disclosed that the Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 31.80 lakh on the bank. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The reason cited is that the bank charged interest in excess of the applicable lending rate to farmers under the Kisan Credit Card (KCC) scheme for sanctioned limits up to Rs. 3 lakh. The order was received on May 2, 2025. The bank has clarified that the penalty amount is Rs. 31.80 lakh and that there will be no material impact on its financial, operational, or other activities.
The penalty is small relative to IDBI Bank's overall size, and the bank has confirmed no material impact on operations or financials, so the effect on shareholders is expected to be negligible.