The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.12 crore on the Bank of Maharashtra for non-compliance with certain directions, including those related to Know Your Customer (KYC) norms.
The penalty has been imposed for violation provisions related to KYC, creation of a Central Repository of Large Common Exposures – Across Banks, and guidelines on managing risks and code of conduct in outsourcing of financial services by banks.
The Statutory Inspection for Supervisory Evaluation (ISE) of the public sector bank was conducted with reference to its financial position as onMarch31, 2020, it said in a release on Monday. Also, scrutinies were conducted in the matter of noncredit of customs duty to the government account by the bank, it added.
