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, 2017 and the circulars on the Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/Security Requirements. In another statement, the RBI said it has imposed a penalty of Rs 1 crore on Tamilnad Mercantile Bank for non-compliance with certain provisions of directions issued by it on the Cyber Security Framework in Banks. Buy Prime Test Series for all Banking, SSC, Insurance & other exams Other banks: Important takeaways for all competitive exams: Find More Banking News Here