Current Affairs - Banking - Discussion

Reserve Bank of India (RBI),imposed a Rs 1-crore penalty on state-owned Bank of Maharashtra (BoM) for non-compliance of Know Your Customer (KYC)guidelines and fraud-classification norms. The is penalty has been imposed on failure of the bank to follow the rules and regulation issued by the RBI. In the year 2018, the RBI had imposed a penalty of Rs 1 crore on BoM on account of delay on the part of the bank to detect and report fraud in accounts.