The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 39.60 lakh (thirty-nine lakh sixty thousand rupees only) on Tamilnad Mercantile Bank Limited for contravention of provisions of section 10A of Payment and Settlement Systems Act, 2007 (PSS Act) and section 26A of the Banking Regulation Act, 1949 (BR Act).

The penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 30(1) read with section 26(6) of the PSS Act and section 47A(1)(c) read with section 46(4)(i) of the BR Act.

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The Statutory Inspection for Supervisory Evaluation (ISE 2024) of

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