Photo: NDTV
RBI Imposes Huge Fine On Bank Of Maharashtra Over KYC Violations
The Bank of Maharashtra is to pay Rs. 1.12 crore as penalty to the Reserve Bank of India (RBI) for non-compliance with certain directions, including those related to Know Your Customer (KYC) norms. On April 25, the RBI imposed the huge fine amid violation provisions related to banking conduct after the statutory Inspection for Supervisory Evaluation (ISE). The aforementioned fine was confirmed through an official release by the RBI.
Tags: Reserve bank of India, Bank of Maharashtra, Fine, KYC, Maharashtra
Courtesy: The Free Press Journal
Photo: Moneycontrol
Govt To Privatise 4 Mid Sized Banks - BOM, BOI, IOB & CBI
According to reports, the Union government is planning to privatise four mid-size state run banks to shore up revenues in the treasury. The shortlisted banks include Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India. In addition, the Centre aims to sell two of the selected banks in FY2021-22. However, the experts fear the divestment of tier-II banks might force thousands to lose their jobs.
Tags: Bank of Maharashtra, privatisation of banks, Bank of India, Indian overseas bank
Courtesy: The Economic Times
