RBI imposes Rs 2 cr fine on Bank of Maha

The Reserve Bank of India on Friday said it has imposed a monetary penalty of Rs 2 crore on Bank of Maharashtra for non-compliance with certain direction on fraud classification and reporting.

The RBI has imposed, by an order dated February 25, 2021, a monetary penalty of Rs 2 crore on Bank of Maharashtra for contravention of / non-compliance with certain provisions of the directions contained in the Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016.

The bank also violated the directions on Concurrent Audit System in Commercial Banks, disclosure of customer complaints and unreconciled balances on account of ATM transactions.

The penalty is for non-compliance with certain direction on fraud classification and reporting