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RBI imposes ₹1 cr penalty each on CUB and TMB
May 20, 2021
The Central Bank’s action is based on the deficiencies in regulatory compliance. The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore each on City Union Bank (CUB) and Tamilnad Mercantile Bank (TMB).
In the case of CUB, the RBI, in a statement, said the penalty has been imposed for contravention of/ non-compliance with certain provisions of the Reserve Bank of India (Lending to Micro, Small & Medium Enterprises Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/ Security Requirements.
RBI imposes penalty on City Union Bank, 3 other lenders
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Last Updated: May 20, 2021, 09:13 PM IST
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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.
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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.