The Reserve Bank of India (RBI) has imposed penalties on CSB Bank, Union Bank of India and Muthoot Housing Finance, for violation of various regulatory guidelines.

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

The RBI has imposed a fine of Rs 1.86 crore on CSB Bank for failing to comply with the RBI directions on 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks' and the '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.

The RBI has also imposed a penalty of Rs 5 lakh on Nido Home Finance Limited and Rs 3.1 lakh on Ashoka Viniyoga for non-compliance with norms.

In each case, the RBI said, penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by entities.