Bank of Maharashtra fined 1.12 crore for non-compliance

On the 25th of April 2022, The Reserve Bank of India imposed a penalty of Rs1.12 crore on the state based Bank of Maharashtra.

The central bank fined the Bank of Maharashtra for not complying with the directions that were issued under the Know your Customer (KYC) of 2016. The RBI has taken this step through the powers vested in it under section 47 A (1) (C) read along with section 46 (4) (i) and 51 (1) of the Banking Regulations Act 1949.