RBI Slaps Penalties on Bank of Maharashtra, CSB Bank, DCB Bank, Others for Non-Compliance

• RBI imposed monetary penalties on Bank of Maharashtra, DCB Bank, CSB Bank, Navi Finserv, and IIFL Finance.
• Bank of Maharashtra fined Rs 32.50 lakh for not reporting Self Help Group data and not identifying beneficial owners.
• CSB Bank penalized Rs 63.60 lakh for unauthorized business correspondent arrangements and undisclosed charges.
• DCB Bank received a Rs 29.60 lakh fine for failing to maintain prescribed loan-to-value ratios in gold loan accounts.
• IIFL Finance and Navi Finserv were fined for non-performing asset classification issues and improper loan recovery practices, respectively.