Reserve Bank of India (RBI) imposes monetary penalties on City Union Bank and two other entities

Key facts

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹10.10 lakh on City Union Bank for levying loan-related charges on agriculture advances qualifying as priority sector loans up to ₹25,000.
• The RBI penalised City Union Bank for failing to report self-help group member level data to credit information companies.
• Mintifi Finserve was fined ₹3.10 lakh for not uploading Know Your Customer (KYC) records of certain customers onto the central KYC records registry within the prescribed timeline.
• Newa Investments was imposed a monetary penalty of ₹2.70 lakh for appointing directors without prior written permission from the RBI.
• The penalty on Newa Investments was due to a change in management involving more than 30 per cent of its directors, excluding independent directors, without prior approval.