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

Posted on:21 Jan 2017 09:46:26
RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-operative Bank
21 January 2017 Current Affairs: The Reserve Bank of India (RBI) has imposed a Rs 75 lakh penalty on Bombay Mercantile Co-operative Bank Ltd., Mumbai for violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives.

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. After considering the facts of the case and the bank’s reply in the matter .

substantiated and warranted imposition of penalty," the central bank said without giving details on the exact nature of the violations. 

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

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. After considering the facts of the case and the bank’s reply in the matter .

substantiated and warranted imposition of penalty," the central bank said without giving details on the exact nature of the violations. 

 

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