RBI imposes Rs 1.31 crore penalty on this bank for violating rules related to...

The Reserve Bank of India (RBI) has taken strict action against Tamilnad Mercantile Bank. It has imposed a monetary penalty of Rs 1.31 crore on the bank for non-compliance with certain directions issued by it on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credits (CRILC) - Revision in Reporting', according to a RBI release.

In a separate release, the central bank imposed a penalty on DCB Bank for non-compliance with certain directions related to 'interest rate on advances'. It imposed a fine of Rs 63.6 lakh on DCB Bank. In both cases, the RBI said 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.

(With inputs from PTI)

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