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RBI fines Bank of Maharashtra Rs 2Cr for non-compliance

Published: Feb 27, 2021

By TIOLCORPLAWS News Service

NEW DELHI, FEB 27, 2021: THE Reserve Bank of India (RBI) on Friday said it imposed a monetary penalty of Rs. 2 crore on Bank of Maharashtra for contravention and non-compliance with fraud classification and reporting provisions.

The Central bank found Bank of Maharashtra to have violated certain provisions of the frauds classification and reporting, the circulars on Concurrent Audit System in Commercial Banks, disclosure of customer complaints and unreconciled balances on account of ATM transactions, and Micro, Small and Medium Enterprises (MSME) Sector - Restructuring of Advances.

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," said the RBI.

The regulator had conducted a statutory inspection of Bank of Maharashtra on its financial position as on March 31, 2018, and March 31, 2019, and the Risk Assessment Reports (RARs) which revealed the violations. The RBI had issued notices to the lender asking it to show cause as to why a penalty should not be imposed on it.

After considering the bank's replies to the notices, oral submissions made in the personal hearing and examination of additional submissions made by it, the Central bank came to the conclusion that the charges of non-compliance with the RBI directions were substantiated and warranted the monetary penalty.

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