Bank Of Maharashtra has informed that the Reserve Bank of India (RBI) vide its letter dated 16th August 2024 has imposed a monetary penalty of ?1,27,20,000 (Rupees One crore and Twenty Seven Lakhs Twenty Thousand only) for non-compliance with certain directions issued by RBI on Loan System for Delivery of Bank Credit, Cyber Security Framework in Banks and Know Your Customer. The Penalty has been imposed by RBI on the Bank in exercise of the powers conferred under section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. Bank has initiated necessary preventive measures / comprehensive actions to avoid such recurrence in future.
The above information is a part of company’s filings submitted to BSE.
