RBI imposes ₹1.12 Cr penalty on the Bank of Maharashtra

RBI said it has imposed a monetary penalty of ₹1.12 crore on the Bank of Maharashtra for non-compliance with certain directions related to KYC.

The penalty imposes for violation of provisions related to KYC.

The RBI concludes that the allegation of non-compliance with the aforesaid RBI guidelines is substantiated and that fines amounting to non-compliance with such guidelines should be imposed.

RBI had conducted a statutory Inspection for Supervisory Evaluation (ISE) of the bank with reference to its financial position as on March 31, 2020.

Also, according to the statement, there was an investigation into the non-deposit of duty in the government account.

In another release, the RBI said it had fined Rajkot Citizens' Co-operative Bank, Rajkot, Rs 12 lakh for "non-compliance with deposit interest rate guidelines".

Separately, the central bank has imposed a fine of Rs 25 lakh on The Haryana State Co-operative Apex Bank, Chandigarh for violating RBI guidelines on housing finance.