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RBI slaps penalty of Rs 2 crore on Bank of Maharashtra

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on Bank of Maharashtra for non-compliance of directions / circulars issued by RBI on ‘Opening of Current Accounts by Banks’, ‘Discounting / Rediscounting of Bills by Banks’, ‘Reserve Bank of India (Frauds classification and reporting by commercial Banks and select FIs) directions 2016’ in the matter pertaining to Rotomac Group Companies.

The Bank has taken 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.

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