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

The Reserve Bank on Thursday said it has imposed a penalty of Rs 75 on Bombay Mercantile Co-operative Bankfor 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 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.PTI