RBI fines Bank of Maharashtra, Navi Finserv, CSB Bank for non-compliance

The Reserve Bank of India (RBI) on Friday imposed monetary penalties on Bank of Maharashtra, DCB Bank and CSB Bank for non-compliance with directions.

The central bank imposed Rs 32.50 lakh fine on Bank of Maharashtra, Rs 29.60 lakh on DCB Bank, and Rs 63.60 lakh on CSB Bank, RBI said in a release.

The RBI also penalised Navi Finserv with Rs 3.80 lakh, and slapped a Rs 5.30 lakh fine on IIFL Finance, the release added.

The monetary penalty on the Bank of Maharashtra was imposed, as the lender did not report Self Help Group member-level data to credit information companies and did not identify beneficial owners in certain accounts.

CSB Bank was penalised as it entered into an arrangement with business correspondents for undertaking activities outside the scope of activities that can be undertaken by them, and levying charges in certain savings bank accounts without ensuring that customers were made aware of such charges upfront, the RBI said.

In the case of DCB Bank, the RBI found