RBI fines Bank of Maharashtra INR 3.18 mln for non-compliance with KYC norms
This story was originally published at 20:08 IST on 2 May 2025
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--RBI fines Bank of Maharashtra INR 3.18 mln for breaching certain KYC norms
NEW DELHI – The Reserve Bank of India has fined Bank of Maharashtra INR 3.18 million for not complying with certain Know-Your-Customer directions. Specifically, the bank did not meet certain regulatory requirements while opening several deposit accounts using Aadhaar One-Time Password based e-KYC in non-face-to-face mode.
"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. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions," the RBI said in a statement Friday. The bank was ordered to pay a fine on Wednesday after its reply to the RBI's notice and other submissions led the central bank to conclude the charge warranted a penalty.
On Friday, shares of Bank of Maharashtra ended flat at INR 50.63 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Ashish Shirke
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