Reserve Bank of India (RBI) has imposed monetary penalty of Rs 1 crore on City Union Bank. RBI has been imposed penalty for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/Security Requirements.
City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations.
