Reserve Bank imposes penalty on City Union Bank, 3 other lenders

The RBI has imposed financial penalty on Metropolis Union Financial institution, Tamilnad Mercantile Financial institution and two different lenders for contravention of sure instructions issued by the central financial institution.

A penalty of Rs 1 crore has been imposed on Metropolis Union Financial institution Restricted for contravention of/non-compliance with sure provisions contained within the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Instructions, 2017 and the circulars on Instructional Mortgage Scheme and Credit score Movement to Agriculture Agricultural Loans Waiver of Margin/Safety Necessities.

In one other assertion, the RBI stated it has imposed penalty of Rs 1 crore on Tamilnad Mercantile Financial institution for non-compliance with sure provisions of instructions issued by it on Cyber Safety Framework in Banks.

The Reserve Financial institution of India additionally imposed a penalty of Rs 90 lakh on Nutan Nagarik Sahakari Financial institution, Ahmedabad for non-compliance with instructions Curiosity Fee on Deposits, Know Your Buyer (KYC) and Round on Frauds Monitoring and Reporting Mechanism.

The apex financial institution has additionally imposed financial penalty of Rs 10 lakh on Daimler Monetary Providers India Personal Restricted, Pune for non-compliance with sure provisions of the instructions issued by RBI contained in ‘Reserve Financial institution Business Paper Instructions 2017’ and ‘Non-Banking Monetary Firm – Systemically Necessary Non-Deposit taking Firm and Deposit taking Firm (Reserve Financial institution) Instructions, 2016’.

In every case, the RBI stated the penalties had been imposed based mostly on the deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by them with clients.(Solely the headline and film of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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