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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.