RBI imposes Rs 112 cr penalty on Bank of Maharashtra
Mumbai Apr 25 PTI Reserve Bank of India RBI has imposed a penalty of Rs 112 crore on Bank of Maharashtra for non-compliance with certain directions including those related to Know Your Customer KYC normsThe penalty has been imposed for violation provisions related to KYC creation of a Central Repository of Large Common Exposures – Across Banks and guidelines on managing risks and code of conduct in outsourcing of financial services by banks The Statutory Inspection for Supervisory Evaluation ISE of the public sector bank was conducted with reference to its financial position as on March 31 2020 it said in a release on MondayAlso scrutinies were conducted in the matter of non-credit of customs duty to the government account by the bank it addedIn another release RBI said it has imposed a penalty of Rs 12 lakh on Rajkot Nagarik Sahakari Bank Rajkot for non-compliance with the direction on Interest Rate on Deposits Separately the central bank has imposed a penalty of Rs 25 lakh on The Haryana State Co-operative Apex Bank Chandigarh for contraventions with RBI directions on housing financeAccording to the releases the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers PTI NKD RAM
Mumbai Apr 25 PTI Reserve Bank of India RBI has imposed a penalty of Rs 112 crore on Bank of Maharashtra for non-compliance with certain directions including those related to Know Your Customer KYC normsThe penalty has been imposed for violation provisions related to KYC creation of a Central Repository of Large Common Exposures – Across Banks and guidelines on managing risks and code of conduct in outsourcing of financial services by banks The Statutory Inspection for Supervisory Evaluation ISE of the public sector bank was conducted with reference to its financial position as on March 31 2020 it said in a release on MondayAlso scrutinies were conducted in the matter of non-credit of customs duty to the government account by the bank it addedIn another release RBI said it has imposed a penalty of Rs 12 lakh on Rajkot Nagarik Sahakari Bank Rajkot for non-compliance with the direction on Interest Rate on Deposits Separately the central bank has imposed a penalty of Rs 25 lakh on The Haryana State Co-operative Apex Bank Chandigarh for contraventions with RBI directions on housing financeAccording to the releases the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers PTI NKD RAM
