City Union Bank, Tamilnad Mercantile Bank and Two Other Lenders Penalised by RBI
Moneylife Digital Team
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The Reserve Bank of India (RBI) has imposed monetary penalty on City Union Bank Ltd, Tamilnad Mercantile Bank and two other lenders for contravention of certain directions issued by the banking regulator.
A penalty of Rs1 crore has been imposed on City Union Bank for contravention of and on-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 and security requirements.
RBI slaps penalty on City Union Bank, 3 other lenders, here s why | Economy News india.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from india.com Daily Mail and Mail on Sunday newspapers.
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.
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
RBI penalty on City Union Bank Tamilnad Mercantile Bank Central Bank latest news indiatvnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatvnews.com Daily Mail and Mail on Sunday newspapers.