RBI fines Tamilnad Mercantile Bank INR 3.96 mln
This story was originally published at 18:02 IST on 14 November 2025
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NEW DELHI – The Reserve Bank of India has imposed a penalty of INR 3.96 million on Tamilnad Mercantile Bank Ltd. The RBI slapped the penalty because the bank had indirectly imposed charges on Basic Savings Bank Deposit account holders for payments made using Unified Payments Interface, the central bank said Friday.
The bank had also not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period, resulting in the penalty, the RBI said.
Tamilnad Mercantile Bank reported a net profit of INR 3.18 billion for the September quarter, up 5% on year. Shares of the bank Friday ended 0.2% higher at INR 501.85 on the National Stock Exchange. End
Reported by Shubham Rana
Edited by Ashish Shirke
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