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.
Courtesy: The Free Press Journal
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.
Courtesy: The Economic Times