RBI imposes penalty on these banks, know the reason here

RBI News: RBI has imposed penalty on DCB Bank and Tamilnad Mercantile Bank for not following some instructions related to advance interest rate. 

RBI Penalty on Banks: RBI has once again become strict on banks. The Reserve Bank monitors all the banks of the country… which bank is following the rules properly or not…? Now RBI has imposed a penalty on DCB Bank and Tamilnad Mercantile Bank for not following some instructions related to advance interest rate.

This has been informed by issuing a statement from RBI. RBI has imposed a fine of Rs 63.6 lakh on DCB Bank. Apart from this, a fine of Rs 1.31 crore has been imposed on Tamil Nadu Mercantile Bank.

RBI issued statement

In a separate statement, the central bank said that Tamil Nadu Mercantile Bank has been fined Rs 1.31 crore for non-compliance of certain instructions issued on ‘Interest Rates on Advances’ and ‘Revision in Central Repository of Information on Large Credit (CRILC) Reporting’. Fine has been imposed.

Fine imposed for not following rules

In both cases, the Reserve Bank said the penalty was based on deficiencies in regulatory compliance. For this reason RBI has taken this action. RBI’s objective is not to affect the validity of any transaction or agreement entered into with bank customers.

Fine was also imposed on these banks

Recently the Reserve Bank had imposed penalty on Bank of India and Bandhan Bank. RBI had imposed a fine of Rs 1.4 crore on Bank of India. Apart from this, the Reserve Bank had also imposed a fine of Rs 29.55 lakh on private sector Bandhan Bank for not complying with some instructions.

Reserve Bank of India has imposed penalty on Bank of India for non-compliance of RBI directions relating to violation of provisions of ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Loans’ and Credit Information Companies Rules, 2006. Was imposed for.

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