RBI imposes a fine of Rs 1.12 crore on Bank of Maharashtra, alleging violation of KYC related rules
The Reserve Bank of India (RBI) has imposed a fine of Rs 1.12 crore on state-owned Bank of Maharashtra.
The Reserve Bank of India (RBI) has imposed a fine of Rs 1.12 crore on state-owned Bank of Maharashtra. RBI has imposed this penalty for non-compliance of certain instructions issued by the central bank, including rules related to Know Your Customer (KYC).
reserve Bank of India ,RBI, State-owned Bank of Maharashtra (Bank of Maharashtra) He has imposed a fine of Rs 1.12 crore. RBI imposed this penalty for non-compliance of certain instructions issued by the central bank. (Compliance) Which includes rules related to Know Your Customer (KYC). Central Bank to Bank of Maharashtra (Reserve Bank) Penalty has been imposed for non-compliance of certain instructions issued by These also include those related to Know Your Customer (KYC) rules. In a statement issued on Monday, the central bank said that the investigation was done on the public sector bank.
The investigation was done in the matter of non-credit of custom duty in the government account by the bank. The RBI further said that this action is based on deficiencies in regulatory compliance and is not intended to pass judgment on the recognition of any transaction or agreement entered into by the bank with its customers.
Rs 12 lakh fine on Rajkot Nagarik Sahakari Bank
Apart from this, the central bank has also imposed a fine of Rs 12 lakh on Rajkot Nagrik Sahakari Bank. This penalty has been imposed by the bank for not following the instructions on the rate of interest on deposits. Along with this, the Reserve Bank of India has also imposed a fine of Rs 25 lakh on Haryana State Co-operative Apex Bank, Chandigarh. It has done this in the case of violation of RBI’s instructions on housing finance.
Earlier, the Reserve Bank of India said on Friday that it has imposed a fine of Rs 36 lakh on state-run lender Central Bank of India for violating customer protection norms. The Reserve Bank of India i.e. RBI said in a statement that it has imposed a monetary penalty of Rs 36 lakh on the Central Bank of India in an order issued on 18 April 2022. This penalty has been imposed by it for non-compliance of certain instructions on Customer Protection- Limited Liability of Customers in Unauthorized Banking Transactions. The regulator said that this penalty has been imposed under the provisions of the Banking Regulation Act, 1949.
The statement further said that this action is based on lapses in regulatory compliance and is not intended to pass judgment on the recognition of any transaction or agreement entered into by the bank with its customers.
