In a separate statement, the RBI said it has been fined Rs 1.06 crore. Union Bank of India for failure to comply with certain rules on ‘Creation of a central repository of large common exposures between banks’ and ‘Know Your Customer (KYC)’.
A fine of 5 lakh has been imposed on him. Muthoot Housing Finance Company for non-compliance with certain provisions of the ‘Non-Banking Finance Companies – Housing Finance Companies (Reserve Bank) Instructions, 2021’, the central bank said in another statement.
The RBI also imposed a fine of Rs 5 lakh on Nido Home Finance Limited and Rs 3.1 lakh on Ashoka Viniyoga Limited for non-compliance with the norms.
In each case, the RBI said, the sanctions are based on deficiencies in regulatory compliance and are not intended to address the validity of any transaction or agreement entered into between entities.
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