Saturday 21 January 2017

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

RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-operative Bank India’s central banking institution, Reserve Bank of India(RBI) has imposed a penalty of Rs 75lakhs on Bombay Mercantile Co-operative Bank for violations of norms related to KYC and anti-money laundering.

RBI had issued a notice regarding this to the bank and the bank has submitted its written reply.

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