look news india
RBI imposed fines on banks: The Reserve Bank of India (RBI) on Monday imposed fines on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance, for violating various regulatory norms.
Fine imposed on these banks
RBI has imposed a fine of Rs 1.86 crore on CSB Bank for non-compliance with guidelines related to risk management and code of conduct in outsourcing of financial services and master circular on branch authorisation.
In another statement, the central bank said that Union Bank of India has been fined Rs 1.06 crore for non-compliance of certain norms relating to Know Your Customer (KYC) and other reasons.
Muthoot Housing Finance fined Rs 5 lakh
Muthoot Housing Finance Company has been fined Rs 5 lakh for non-compliance with certain provisions of the 'Non-Banking Financial Company – Housing Finance Companies (Reserve Bank) Directions, 2021'.
Apart from this, a fine of Rs 5 lakh has been imposed on Nido Home Finance Limited and Rs 3.1 lakh on Ashoka Investment Limited.
What impact will this have on customers?
The RBI said the penalties in each case are based on deficiencies in regulatory compliance and are not related to the financial transactions of these entities.
