RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer(KYC).

Banking & Finance

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement.


      The penalty is for breaching regulatory directives, including lapses in Know Your Customer (KYC) compliance.

      This fine reflects the RBI's enforcement of compliance standards and the consequences for banks failing to meet regulatory requirements.

     

 

     


About Bank of Maharashtra ,

CEO: A. S. Rajeev
Headquarters: Pune
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