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

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

The Reserve Bank of India announced on Friday that it has imposed monetary penalties on City Union Bank, Mintifi Finserve, and Newa Investments for failing to comply with certain directives.

According to an RBI release, the central bank levied a ₹10.10 lakh fine on City Union Bank, ₹3.10 lakh on Mintifi Finserve, and ₹2.70 lakh on Newa Investments.

City Union Bank received the fine because it charged loan‑related fees on agriculture advances up to ₹25,000 that qualify as priority sector loans and failed to submit self‑help group member data to credit bureaus, the release noted.

Mintifi Finserve was penalised for not uploading the KYC details of certain customers to the central KYC registry within the required timeframe.

The RBI also fined Newa Investments for appointing directors without obtaining prior written approval, leading to a management shift after more than 30 % of its directors (excluding independent ones) were changed.

Published on May 22, 2026