Bank of Maharashtra has informed the Exchange about Action(s) taken or orders passed
MAHABANK · price
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Awaiting price reaction for this filing.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹31.80 lakh on Bank of Maharashtra for not following certain RBI directions related to accounts opened using Aadhaar OTP-based e-KYC in non face-to-face mode. The penalty was issued on 2nd May 2025 under Sections 47A(1)(c), 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. The issue was identified during RBI's Statutory Inspection for Supervisory Evaluation (ISE 2024) with reference to the bank's financial position as of 31st March 2024. The bank has stated that it has taken cognizance of the matter and initiated preventive measures to avoid any recurrence.
The penalty amount is very small relative to the bank's size and earnings, so the direct financial impact is negligible. This is a procedural/compliance issue rather than one involving fraud or financial malpractice, and is unlikely to materially affect the stock price. However, investors should note it as a minor regulatory flag on internal KYC processes.