RBI fines City Union Bank, Mintifi Finserve, Newa Investments
Business
The Reserve Bank of India just handed out fines to City Union Bank, Mintifi Finserve, and Newa Investments for not sticking to important regulations.
City Union Bank got a ₹10.10 lakh penalty for charging fees on small agriculture loans and missing out on reporting self-help group data.
Mintifi KYC delay, Newa unapproved directors
Mintifi Finserve was fined ₹3.10 lakh because they didn't upload some customers' KYC info on time.
Newa Investments landed a ₹2.70 lakh penalty for appointing directors without RBI's OK, which led to big changes in their management.
The RBI is making it clear: following the rules matters if you're in the banking game.