RBI Imposes ₹31.8 Lakh Penalty on Bank of Maharashtra for Aadhaar e-KYC Norm Violations

RBI imposed ₹31.8 lakh penalty on Bank of Maharashtra for violating Aadhaar e-KYC norms, including failures in customer authentication and record-keeping. This action reflects RBI's stricter enforcement of digital identity verification standards amid growing cyber fraud concerns. The penalty specifically cited non-compliance with Prevention of Money Laundering Rules regarding biometric authentication reliability. The bank has implemented corrective measures to prevent recurrence.