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Thursday, April 25, 2024

Tamilnad Mercantile Bank and DCB Bank Face Penalties From RBI

<p>DCB Bank and Tamilnad Mercantile Bank were penalized by the Reserve Bank of India on Tuesday for failing to follow specific instructions regarding the “interest rate on advances.”</p>
<p>DCB Bank has been hit with a fine of Rs 63.6 lakh, the RBI stated in a statement.</p>
<p><img decoding=”async” class=”alignnone wp-image-532070″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-tamilnad-mercantile-bank-and-dcb-bank-face-penalties-from-rbi-rbi-1200-900-2024-03.jpg” alt=”theindiaprint.com tamilnad mercantile bank and dcb bank face penalties from rbi rbi 1200 900 2024 03″ width=”1019″ height=”764″ title=”Tamilnad Mercantile Bank and DCB Bank Face Penalties From RBI 9″></p>
<p>The central bank stated in a separate statement that Tamilnad Mercantile Bank has been fined Rs 1.31 crore for failing to follow certain of its directives regarding the “Interest Rate on Advances” and the “Central Repository of Information on Large Credits (CRILC): Revision in Reporting.”</p>
<p>According to the RBI, the fines in both instances were meant to address regulatory compliance shortcomings rather than to call into question the legality of any agreements or transactions the companies had made with their clients.</p>

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