Question

What was the specific reason RBI imposed a penalty of ₹31.80 lakh on Bank of Maharashtra?

Q: Answer-What was the specific reason RBI imposed a penalty of ₹31.80 lakh on Bank of Maharashtra?

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.

A Overcharging in KCC accounts

B Cybersecurity violations

C Use of Aadhaar OTP-based e-KYC in non-face-to-face mode

D Unauthorized internal routing

E Misuse of interest credit

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What was the specific reason RBI imposed a penalty of ₹31.80 lakh on Bank of Maharashtra?

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