SME Times News Bureau | 17 Jan, 2019
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1
crore on Bank of Maharashtra for deficiencies in regulatory compliance.
According
to the RBI, the fine was imposed by an order dated January 4, 2019 "for
non-compliance with 'Master Directions on Frauds-Classification and
Reporting' dated July 1, 2016 and 'Master Direction on Know Your
Customer' dated February 25, 2016 issued by RBI".
"This action
is based on deficiencies in regulatory compliance and not intended to
pronounce upon the validity of any transaction or agreement entered into
by the bank with its customers," the apex bank said in a statement on
Wednesday.