RBI fines IDBI Bank for charging excess interest on Kisan Credit Card accts
This story was originally published at 19:39 IST on 2 May 2025
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--RBI fines IDBI Bank INR 3.18 mln
--RBI fines IDBI Bank for levying excess interest on Kisan Credit Card accts
NEW DELHI – The Reserve Bank of India has fined IDBI Bank INR 3.18 million for charged interest in excess of what was applicable in certain Kisan Credit Card accounts.
"The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions," the central bank said in a statement Friday. IDBI Bank was ordered to pay a fine on Wednesday after its reply to the RBI's notice and other submissions led the central bank to conclude that the charges warranted a penalty.
On Friday, shares of IDBI Bank ended 0.05% higher at INR 79.87 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Subhojit Sarkar
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