New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What was the specific reason RBI imposed a penalty of

    ₹31.80 lakh on Bank of Maharashtra?
    A Overcharging in KCC accounts Correct Answer Incorrect Answer
    B Cybersecurity violations Correct Answer Incorrect Answer
    C Use of Aadhaar OTP-based e-KYC in non-face-to-face mode Correct Answer Incorrect Answer
    D Unauthorized internal routing Correct Answer Incorrect Answer
    E Misuse of interest credit Correct Answer Incorrect Answer

    Solution

    Bank of Maharashtra was penalized ₹31.80 lakh for violating KYC norms by opening deposit accounts through Aadhaar-based OTP e-KYC in non-face-to-face mode, which is prohibited under RBI regulations.

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