DCB Bank Limited announced that the Reserve Bank of India (RBI) has, vide its letter dated March 19, 2024, imposed a monetary penalty of INR 6.36 million on the Bank for non-compliance with certain directions issued by RBI on `Interest Rate on Advances'- i) Failing to reset interest rate in MCLR linked loan ii) Benchmarking retail and MSME advances to MCLR instead of EBLR. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949.