The Reserve Bank of India has slapped ₹6 crore penalty on YES Bank and ₹2 crore on IDFC Bank for violation of certain norms.
The central bank said that the penalty on YES Bank was on account of its non-compliance with the directions issued by the RBI on Income Recognition Asset Classification (IRAC) norms and delayed reporting of information security incident involving ATMs of the bank.
Another private sector lender, IDFC Bank, which started operations only in October 2015, was found guilty of contravening regulatory restrictions pertaining to loans and advances, the RBI said.
