The Reserve Bank of India (RBI) has imposed a fine of Rs 1.27 crore on the Bank of Maharashtra (BOM) for violating several regulations including Know Your Customer (KYC) guidelines. RBI said in a statement that it issued the penalty on August 8, 2024.
RBI has also imposed penalties on two other non-banking financial companies (NBFCs). Bank of Maharashtra was fined for not following certain RBI regulations regarding loan disbursement, cyber security and KYC. Also, RBI imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance with certain KYC norms since 2016. Poonawala Fincorp Limited was also fined Rs 10 lakh.
Fine has been imposed earlier also
RBI said that it has taken this step due to violation of some rules and it has nothing to do with customer transactions. RBI imposes penalties on various banks and NBFCs for lapses in regulatory compliance. Earlier, the Reserve Bank has also imposed penalties on the largest public sector bank SBI and the largest private sector bank HDFC Bank.
Customers will not face any problem
If the Reserve Bank of India (RBI) imposes a penalty on a bank, it does not affect the customers of the bank. Fines are just a way to ensure that banks follow the rules. You can easily withdraw or deposit money from your accounts. Banks are not allowed to charge you any additional charges due to the penalty. You do not need to take tension.
