BackRBI imposes Rs75 lakh penalty on Bombay Mercantile Co-op Bank
The penalty on Bombay Mercantile Co-op Bank has been imposed for violations of Know Your Customer, Anti-Money Laundering directives issued by the RBI
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Mumbai: The Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs75 on Bombay Mercantile Co-operative Bank for violations of norms related to KYC and anti-money laundering.
In a statement, the central bank said that the monetary penalty has been impose for “violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives issued by RBI".
Earlier, the Reserve Bank of India 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. “After considering the facts of the case and the banks reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty," the statement said.
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