The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.5 crore on Bank of Maharashtra for violation of Know Your Customer/Anti Money Laundering norms.
Besides, RBI has cautioned eight other banks -- Central Bank of India, Bank of India, Punjab & Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank -- to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements in future.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.
