IDBI Bank Limited Receives Penalty of Rs. 5.50 Crore from Income Tax Department
Mumbai – March 20, 2026 – IDBI Bank Limited announced today that it has received a penalty of Rs. 5.50 crore from the Assessment Unit of the Income Tax Department. The penalty relates to matters concerning the financial year 2020-21 and involves an order under section 270A of the Income Tax Act, 1961.The bank reported receiving the communication from the Income Tax Department on March 20, 2026. The penalty stems from additions sustained by the Assessing Officer during the course of a set aside assessment for the financial year 2020-21.
IDBI Bank is currently evaluating legal options, including the possibility of an appeal, according to applicable law. The financial impact of this penalty is quantified at Rs. 5.50 crore.
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