Mumbai: The Reserve Bank of India on Monday levied penalties on five entities, including CSB Bank, Union Bank of India, and Muthoot Housing Finance, for violating various regulatory guidelines.
CSB Bank faced a penalty of Rs 1.86 crore for failing to adhere to the RBI’s directions regarding ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks’ and the ‘Master Circular on Branch Authorization’.
Additionally, the RBI imposed a penalty of Rs 1.06 crore on Union Bank of India for not complying with the norms related to the ‘Creation of a Central Repository of Large Common Exposures – Across Banks’ and ‘Know Your Customer (KYC)’ regulations.
