This penalty has been imposed taking into account the failure of the bank to adhere to directions issued by the RBI, the central bank said in a statement.
PTI
@moneycontrolcom
The Reserve Bank of India (RBI) on Wednesday imposed a Rs 1-crore penalty on state-owned Bank of Maharashtra (BoM) for non-compliance of Know Your Customer guidelines and fraud-classification norms.
This penalty has been imposed taking into account the failure of the bank to adhere to directions issued by the RBI, the central bank said in a statement.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," it said.First Published on Jan 16, 2019 07:57 pm
