RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-operative Bank

1.The Reserve Bank of India (RBI) has imposed aRs 75 lakh penalty on Bombay Mercantile Co-operative Bank Ltd., Mumbai for violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives.

2.”RBI had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.

3.After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty,” the central bank said without giving details on the exact nature of the violations.

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