RBI imposes Rs 3 crore penalty on IndusInd Bank

The Reserve Bank of India (RBI) has decided to impose Rs 3 crore penalty on IndusInd Bank for breaching rules on income classification norms. The penalty was imposed for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and contravention of regulatory restrictions pertaining to non-fund based (NFB) facilities. IndusInd Bank Limited is a Mumbai based Indian new generation bank, established in 1994 & offers commercial, transactional, electronic banking products and services.