Reserve Bank of India fines Tiruchengode Co-operative Urban Bank

The Reserve Bank of India imposed a fine of 1 million rupees on Tiruchengode Co-operative Urban Bank Ltd. over noncompliance with regulatory guidelines.

The central bank said June 27 that an inspection of the bank regarding its financial position as of March 31, 2020, revealed the bank did not comply with the RBI's exposure norms and know-your-customer guidelines.

As of June 27, US$1 was equivalent to 78.43 Indian rupees.