RBI Slaps Rs 32.5 Lakh Penalty on Bank of Maharashtra for Regulatory Breaches

• RBI imposed a penalty of Rs. 32.50 lakh on Bank of Maharashtra for non-compliance with regulations.
• The action followed deficiencies found during a 'Statutory Inspection' of the bank's financial position as of March 31, 2025.
• Lapses included negligence in reporting credit information of Self-Help Groups (SHGs) and deficiencies in 'Know Your Customer (KYC)' guidelines.
• Bank of Maharashtra stated it has rectified internal processes and systems to prevent future errors.
• Despite the small penalty amount, RBI's action underscores the importance of strict adherence to banking regulations for customer safety and financial integrity.