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The Reserve Bank of India (RBI) has imposed a penalty of ₹1.31 crore on Tamilnad Mercantile Bank for failing to comply with regulatory requirements.

The Reserve Bank of India (RBI) has imposed a fine of ₹1.31 crore on Tamilnad Mercantile Bank (formerly known as the Indian Mercantile Bank) for non-compliance with various banking regulations. The penalty was imposed for inadequate provisioning for the bank’s...