Recently, the Reserve Bank of India (RBI) has imposed a big fine on 3 big financial institutions. RBI said that it has imposed a fine on Bank of Maharashtra, Hinduja Leyland Finance Limited and Poonawala Fincorp Limited.
Recently, the Reserve Bank of India (RBI) has imposed a big fine on 3 big financial institutions. On Friday, RBI said that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating various guidelines including Know Your Customer (KYC).
The central bank said in a statement that it has imposed a fine of Rs 1.27 crore on BOM in an order dated August 8, 2024. This fine was imposed for non-compliance of certain RBI guidelines on ‘credit system for bank loan distribution’, ‘cyber security framework in banks’ and ‘know your customer’.
Apart from this, the Reserve Bank has imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance of some provisions of KYC Guidelines, 2016.
The central bank has imposed a fine of Rs 10 lakh on Poonawala Fincorp Limited. According to the statement, this action has been taken due to lack of regulatory compliance, and it is not related to the validity of any transaction with the customers.
