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RBI Fined Rs 35 lakh penalty on Tamilnad Mercantile Bank



RBI Fined Rs 35 lakh penalty on Tamilnad Mercantile Bank



The Reserve Bank has imposed a penalty of 35 lakh on Tamilnad Mercantile Bank for violating norms on frauds classification and notification.

The central bank imposed the fine via an order dated October 24, 2019.

It stated that the bank has been penalized for non-compliance with certain provisions of directions issued by RBI on fraud classification and reporting by commercial banks and select FIs directions 2016.