RBI imposes monetary penalty on Bank of Maharashtra
Case Brief
By an order dated April 30, 2025, RBI imposed a monetary penalty of Rs 31.80 lakh on Bank of Maharashtra under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. The penalty followed ISE 2024 supervisory findings and a show-cause process. RBI held that the bank failed to comply with certain regulatory requirements for several deposit accounts opened using Aadhaar OTP-based e-KYC in non-face-to-face mode.
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 after its Statutory Inspection for Supervisory Evaluation (ISE 2024) and subsequent supervisory findings. The sustained charge was that the bank did not adhere to certain regulatory requirements in respect of several deposit accounts opened using Aadhaar OTP based e-KYC in non-face-to-face mode.
Severity Assessment
A monetary penalty of Rs 31.80 lakh falls in the highest monetary band used here (> Rs 20 lakh), making severity 4.
Bank of Maharashtra must absorb the monetary penalty and remain subject to RBI supervision. The order does not invalidate customer transactions, but it signals KYC compliance deficiencies and leaves the bank exposed to possible further RBI action.
Published as Bank of Maharashtra
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Bank of Maharashtra
Monetary penalty · Fresh imposition
Bank of Maharashtra
Monetary penalty · Fresh imposition
Bank of Maharashtra
Monetary penalty · Fresh imposition
Bank of Maharashtra
Monetary penalty · Fresh imposition
Bank of Maharashtra
Monetary penalty · Fresh imposition
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