The central bank on Friday said it has imposed a Rs 41.8 lakh monetary penalty on a private sector bank for non-compliance with certain regulatory norms, including directions related to Know Your Customer (KYC) guidelines. While imposing the penalty, the regulator said the bank failed to carry out periodic reviews of risk categorization for certain categories of accounts and had also sanctioned loans related to directors, in violation of prescribed norms. The action is based on deficiencies in statutory and regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by the bank with its customers, the regulator clarified. In a separate statement, the central bank said it has imposed a penalty of Rs 80,000 on a housing finance company for non-compliance with certain directions issued under the Fair Practice Code. In this case as well, the regulator said the penalty is based on regulatory compliance shortcomings and is not meant to affect the validity of any transaction or agreement entered into by the company with its customers.