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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.
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.
TamilnadTamil-naduIndiaAhmedabadGujaratPuneMaharashtraNutan-nagarik-sahakari-bankSmall-medium-enterprisesBank-commercial-paper-directionsTamilnad-mercantile-bankMay 04, 2021
× The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹25.50 lakh on Jumbo Finvest (India) Ltd, Jaipur, for non-compliance with provisions of two of its directions.
RBI, in a statement, said the monetary penalty has been imposed for non-compliance with certain provisions of its directions contained in ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and ‘Reserve Bank of India, Know Your Customer (KYC) Directions, 2016’.
“This penalty has been imposed in exercise of powers vested in RBI under the provisions of…the Reserve Bank of India Act, 1934, taking into account the failure of the company to adhere to the aforesaid directions issued by RBI,” the statement said.
IndiaJaipurRajasthanBanking-financial-companyJumbo-finvest-india-ltdCompany-reserve-bank-directionsReserve-bankJumbo-finvestNon-banking-financial-companyImportant-non-depositKnow-your-customer