RBI slaps ₹10.10 lakh penalty on City Union Bank, 2 more entities

RBI imposed a ₹10.10 lakh monetary penalty on City Union Bank, ₹3.10 lakh on Mintifi Finserve, and ₹2.70 lakh on Newa Investments

The Reserve Bank of India (RBI) on Friday said it has imposed monetary penalty on City Union Bank, Mintifi Finserve, and Newa Investments, for non-compliance with certain directions.The central bank imposed a ₹10.10 lakh monetary penalty on City Union Bank, ₹3.10 lakh on Mintifi Finserve, and ₹2.70 lakh on Newa Investments, the RBI said in a release. City Union Bank was fined as the lender levied loan-related charges on certain agriculture advances qualifying as priority sector loans up to ₹25,000, and it did not report self-help group member level data to credit information companies, the release said.Mintifi Finserve was penalised as the company did not upload KYC records of certain customers onto the central KYC records registry within the prescribed timeline.Further, monetary penalty on Newa Investments was imposed as the company did not take prior written permission of the RBI while appointing directors, which resulted in a change in its management on account of a change in more than 30 per cent of its directors, excluding independent directors, the RBI said in a release.Published on May 22, 2026