RBI imposes penalty of Rs 20 million on Bank of Maharashtra
6th Mar 2019

The Reserve Bank of India (RBI) has imposed a penalty of Rs 20 million on Bank of Maharashtra for non-compliance with the directions issued on February 20, 2018 in respect to Time-bound implementation and strengthening of SWIFT-related operational controls.

Bank has taken necessary preventive measures / comprehensive actions to avoid such recurrence in future.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.