19/3/2024, 6:35:03 pm

RBI imposes monetary penalty on DCB Bank, Tamilnad Mercantile Bank

RBI imposed Rs 63.60 lakh penalty on DCB Bank and Rs 1.32 crore on Tamilnad Mercantile Bank, said a release from the central bank. Tamilnad Mercantile Bank was penalised as it failed to benchmark the interest rate on certain floating rate loans to MSMEs to an external benchmark lending rate and adopted multiple benchmarks within the same loan category, the RBI said.