RBI penalizes 5 entities, including Union Bank of India, for KYC rule violations.

The Reserve Bank of India (RBI) has penalized five entities, including CSB Bank, Union Bank of India, and Muthoot Housing Finance, for violating regulatory norms. Union Bank of India received a penalty of ₹1.06 crore for failing to adhere to KYC rules and creating a central repository of large common exposures. Penalties are based on compliance deficiencies and do not impact the validity of transactions or agreements.