RBI Penalizes Bandhan Bank and Muthoot Housing Finance
MUMBAI: The Reserve Bank of India (RBI) announced on Friday that it has imposed a penalty of Rs 41.8 lakh on Bandhan Bank due to non-compliance with certain regulations, particularly those related to Know Your Customer (KYC) requirements. The RBI cited that Bandhan Bank did not perform periodic risk categorization reviews for specific account types and approved loans associated with its directors. “This action is based on deficiencies in statutory and regulatory compliance, and it does not imply any judgment on the validity of transactions or agreements between the bank and its customers,” stated the RBI. Additionally, the central bank…