The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on frauds classification and notification.

The RBI said in a release that it imposed the fine via an order dated October 24, 2019.

It stated that the bank has been penalised for non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting by commercial banks and select FIs directions 2016.