RBI imposes monetary penalty on Bank of Maharashtra

Case Brief

The Reserve Bank of India imposed a monetary penalty of ₹32.50 lakh on Bank of Maharashtra by order dated February 06, 2026. The penalty followed supervisory findings from the Statutory Inspection for Supervisory Evaluation (ISE 2025) and was based on non-compliance with RBI directions on credit information reporting in respect of Self Help Group members and Know Your Customer norms. RBI found that the bank had not reported SHG member-level data to Credit Information Companies and had not identified beneficial owners in certain accounts. The action was taken under the Credit Information Companies (Regulation) Act, 2005 and the Banking Regulation Act, 1949.