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'. In another statement, the RBI said a penalty of Rs 1.06 crore has been imposed on Union Bank of India for non-compliance with certain norms on 'Creation of a Central Repository of Large Common Exposures-Across Banks' and 'Know Your Customer (KYC)'.
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