Reserve Bank of India (RBI) has imposed monetary penalty of Rs 1.27 crore on Bank of Maharashtra 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.The bank has initiated necessary preventive measures / comprehensive actions to avoid such recurrence 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.
