RBI penalises CSB Bank, Union Bank of India, others for norms violation

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RBI penalises CSB Bank, Union Bank of India, others for norms violation - Business Standard

Quick Summary:

The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms.A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI on 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and 'Master Circular on Branch Authorisation'.

A fine of 5 lakh has been imposed on Muthoot Housing Finance Company for non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021', the central bank said in another release.

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