• The RBI has imposed monetary penalty on City Union Bank, Tamilnad Mercantile Bank and two other lenders for contravention of certain directions issued by the central bank.
• A penalty of Rs 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to MSME Sector) Directions and Rs 1 crore on Tamilnad Mercantile Bank for non-compliance.

About RBI

• The Reserve Bank of India was established on 1st April 1935.
• Governor: Shaktikanta Das
• Deputy Governor:  Mahesh Kumar Jain
• Deputy Governor: M. D. Patra
• Deputy Governor: M Rajeshwar Rao
• Deputy Governor : T Rabi Sankar