RBI imposes Rs 1.12 crore fine on Bank of Maharashtra

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Reserve Bank of India (RBI) has fined Bank of Maharashtra of Rs 1.12 crore for failing to comply with certain guidelines, including those related to Know Your Customer (KYC) standards.

The fine was imposed for violating provisions related to KYC, the creation of a central repository of large common exposures – across banks, and guidelines for risk management and code of conduct in the outsourcing of financial services by banks.

The State Bank’s statutory supervisory review (ISE) inspection was conducted with reference to its financial position on March 31, 2020, it said in a press release on Monday.

Checks were also made on the bank’s failure to credit customs duties to the government account, it added.

In another press release, RBI said it has imposed a fine of Rs 12 lakh on Rajkot Nagarik Sahakari Bank, Rajkot for failing to comply with the Deposit Interest Rates Directive.

Separately, the central bank has fined Rs 25 lakh on The Haryana State Co-operative Apex Bank, Chandigarh for breaching the RBI guidelines on housing financing.

According to the publications, the fines are based on deficiencies in regulatory compliance and are not intended to rule on the validity of any transaction or agreement the banks have entered into with their customers.





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