The Reserve Bank of India has imposed penalties on DCB Bank and Tamilnad Mercantile Bank for non-compliance with certain directions related to 'interest rate on advances'.

Banking & Finance

The Reserve Bank of India has imposed penalties on DCB Bank and Tamilnad Mercantile Bank for non-compliance with certain directions related to 'interest rate on advances'. A monetary penalty of Rs63.6 lakh has been imposed on DCB Bank. The central bank informed that a penalty of Rs1.31 crore has been imposed on Tamilnad Mercantile Bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances'. The penalties were based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transactions or agreements entered into by them with their customers.


     

     

     

 

     


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