The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on fraud classification and notification. 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.
Important Takeaways for IBPS PO/Clerk Mains 2019:
i. Tamilnad Mercantile Bank based in Thoothukudi, Tamil Nadu.
ii. RBI is India’s central bank, which controls the issuance and supply of the Indian rupee.
Source- The Telegraph