Case Brief
On August 30, 2018, the Reserve Bank of India imposed a monetary penalty of Rs 10 million on Bank of Maharashtra. The penalty was issued for contravention of RBI’s Master Circular on Fraud – Classification and Reporting, specifically due to delay by the bank in detecting and reporting a fraud in an account. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty
- Order Date