DCB Bank and Tamil Nad Mercantile Bank fined
The Reserve Bank of India (RBI) has imposed a penalty on DCB Bank and Tamilnad Mercantile Bank for non-compliance of some instructions on advance interest rate. RBI has imposed a fine of Rs 63.6 lakh on DCB Bank. Apart from this, a fine of Rs 1.31 crore has been imposed on Tamil Nadu Mercantile Bank.
Penalty has been imposed on both these banks for non-compliance of certain instructions issued on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credit'. Regarding both these cases, RBI said that the penalty was based on deficiencies in regulatory compliance. It was not intended to affect the validity of any transaction or agreement entered into with their customers.
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank (TMB) is a major private sector bank in India, headquartered in Thoothukudi, Tamil Nadu. Established in 1921, the bank has a rich history of providing financial services and has steadily become a trusted name in the banking sector.
DCB Bank
DCB Bank, formerly Development Credit Bank, is a private sector commercial bank in India. Established in 1930, the Bank has undergone significant transformation over the years and has evolved into a modern financial institution with a focus on customer-centric services and technological innovation.