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RBI imposes Rs 1.12 cr penalty on Bank of Maharashtra for non-compliance

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 finance

Topics
Bank of Maharashtra | RBI | Housing Finance

Press Trust of India  |  Mumbai 



Photo: Bloomberg
Photo: Bloomberg

Reserve Bank of India (RBI) has imposed a penalty of Rs 1.12 crore on for non-compliance with certain directions, including those related to (KYC) norms.

The 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 .

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 Monday.

Also, scrutinies were conducted in the matter of non-credit of customs duty to the government account by the bank, it added.

In another release, 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 directions on .

According 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 with their customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, April 25 2022. 21:18 IST

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