India, April 21 -- The Reserve Bank of India (RBI) has, by an order dated April 3, 2025, imposed a monetary penalty of Rs 38.60 lakh (Rupees Thirty Eight Lakh Sixty Thousand only) on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
A scrutiny of the bank was carried out by RBI. Based on the supervisory finding of non-compliance with RBI direction stated in the scrutiny report and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty sh...