The RBI mentioned the penalties have been based mostly on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transactions or agreements entered into by them with their prospects.
Reserve Bank of India has imposed penalties for noncompliance with sure instructions associated to ‘rate of interest on advances’.
The Reserve Bank of India on Tuesday it has imposed penalties on DCB Bank and Tamilnad Mercantile Bank for non-compliance with sure instructions associated to ‘interest rate on advances’.
A financial penalty of Rs 63.6 lakh has been imposed on DCB Bank, the RBI mentioned in a press release.
In a separate launch, the central financial institution knowledgeable {that a} penalty of Rs 1.31 crore has been imposed on Tamilnad Mercantile Bank for non-compliance with sure instructions issued by it on ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’.
In each instances, the RBI mentioned the penalties have been based mostly on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transactions or agreements entered into by them with their prospects.
