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| RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank for violating norms |
RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank for violating norms
The Reserve Bank of India (RBI) issued an order in this regard on 24 October 2019. On October 25, the Reserve Bank of India (RBI) said in an official release that the Tamil Nadu Mercantile Bank has not followed its guidelines. The bank has violated the rules. The release stated that the bank had not complied with certain provisions of fraud classification and reporting by commercial banks and select instructions.
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This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the central bank said.
On 31 March 2017, the Tamil Nadu Mercantile Bank was investigated by the Reserve Bank to take stock of its financial position, Based on this, a show cause notice was issued to the bank that it should be fined for not following the guidelines
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