Tamilnad Mercantile Bank Penalty Reduced to ₹3.4 Cr

Tamilnad Mercantile Bank Limited announced that the Appellate Tribunal under SAFEMA, New Delhi has passed an order reducing the penalty imposed on the bank and its then directors/company secretaries. The original penalty of ₹17.00 crores on the bank has been reduced to ₹3.40 crores. The bank had already deposited the full penalty amount of ₹17.00 crores and is now eligible for a refund of ₹13.60 crores. The contravention alleged was related to FEMA regulations in recording share transfers. The bank is reviewing the order for further necessary steps.