TMB slapped Rs 60 mn fine

By NT Bureau Published on Jun 27, 2018 12:11 PM IST

Chennai:  Thoothukudi based TMB has been given a fine of Rs 60 million by the Reserve Bank of India (RBI) for contravention of its directive. The RBI said TMB has been fined for the lapses in adhering to the master directions issued by it on the issue ad pricing of shares.

"The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the banking regulation act, 1949 taking into account the failure of the bank to adhere to the directions while issuing bonus shares to certain non-resident entities," the apex bank said in a release.