The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 31.80 lakh (Rupees Thirty one lakh eighty thousand only) on Bank of Maharashtra for non-compliance with certain directions issued by RBI on Know Your Customer (KYC).
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| RBI Imposes Rs 31.8 lakh Penalty on Bank of Maharashtra |
RBI Imposes ₹31.8 lakh Penalty on Bank of Maharashtra
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹31.80 lakh on Bank of Maharashtra for non-compliance with certain directions issued by RBI on Know Your Customer (KYC).
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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
Apart from this, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹31.80 lakh on IDBI Bank.
RBI Imposes Penalty on Bank of Maharashtra: Background
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by RBI with reference to its financial position as on March 31, 2024.
RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:
- The bank did not adhere to certain regulatory requirements in respect of several deposit accounts opened using Aadhaar OTP based e-KYC, in non-face-to-face mode.
The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
About Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
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Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
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Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to Bank of Maharashtra for upcoming exams
- Founded: 16 September 1935
- Headquarters: Pune, Maharashtra
- Managing Director & CEO: Nidhu Saxena
- Executive Director: Rohit Rishi
- Executive Director: Asheesh Pandey
- Number of locations: 2022 Branches
- Number of employees: 13,048 (2020)
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