Reserve Bank of India imposes penalty on City Union Bank and 3 other lenders


Reserve Bank of India has said that it was imposed a penalty of about ₹1 crore on Tamilnad Mercantile Bank, the reason behind this imposition was for the non compliance of certain provisions provided of the directions which was issued by that on the Cyber Security Frame work in Banks.
Reserve Bank of India also imposed a monetary penalty on City Union Bank, Tamilnad Mercantile Bank and some other two more lenders which was for the contravention of specified directions provided by the Central Bank.
The Reserve Bank of India also directed to pay as penalty of an amount about 90 lakhs on Nutan Nagasik Sahakari Bank, on Ahmedabad which was for not following of certain specific directions of Interest Rate on Deposits, Know Your Customers and Circular on Frauds Monitoring.
And the apex Bank also punished to it for the monetary penalty of 10 lakhs on Daimler Financial Service India Private limited. The reserve Bank Commercial paper directions 2017, and the Non Banking Financial Company, 2016. Among these cases, the Reserve Bank of India mentioned that these penalties were imposed on these because of the difficulties in regulatory compliance and to declare the validity of the transaction, agreement by it with the customers.

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