RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-op Bank for violations of KYC norms

Mumbai: Bombay Mercantile Co-operative Bank was imposed with a penalty of Rs 75 lakh by the Reserve Bank of India on Thursday 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 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.

With PTI Inputs