What was the total penalty imposed by the RBI on Tamilnad Mercantile Bank Limited for non-compliance with directives on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credits (CRILC) - Revision in Reporting'?
RBI's imposition of a ₹13,180,000 penalty on Tamilnad Mercantile Bank Limited was due to several failures including benchmarking interest rates on certain loans to MSMEs to an external benchmark lending rate, adopting multiple benchmarks within the same loan category, improperly pricing floating rate loans, and incorrectly reporting borrower ratings to CRILC. This move underscores RBI's stringent compliance requirements to ensure transparency and fairness in banking operations .
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