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
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