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RBI slaps penalty on City Union Bank, 3 other lenders, here's why | Economy News

RBI imposes penalty on City Union Bank, 3 other lenders

RBI imposes penalty on City Union Bank, 3 other lenders SECTIONS Last Updated: May 20, 2021, 09:13 PM IST Share Synopsis A penalty of Rs 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/Security Requirements. Agencies In each case, the RBI said the penalties were imposed based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with customers.

RBI fines City Union Bank, 3 other lenders over violation of directions

A penalty of Rs 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017

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Reserve Bank imposes penalty on City Union Bank, 3 other lenders