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20
January 2017
The
Reserve Bank of India (RBI) has imposed a monetary penalty of Rs75 lakh on
Bombay Mercantile Co-operative Bank Ltd for violating know your customer (KYC)
and anti-money laundering (AML) directives issued by the central bank. The Total Investment & Insurance Solutions
RBI
said earlier it had issued a show cause notice to the Bank. Bombay Mercantile
submitted its response in writing as well as made oral submissions before the
apex bank. The Total Investment & Insurance
Solutions
"After
considering the facts of the case and the Bank’s reply in the matter, the
Reserve Bank came to the conclusion that the violations were substantiated and
warranted imposition of penalty. RBI, in exercise of the powers vested in it
under the provisions of Section 47A (1) read with Section 46(4) of the Banking
Regulation Act., 1949 (as applicable to co-operative societies) imposed a
penalty of Rs75 lakh," the central bank says in a statement.The Total Investment & Insurance Solutions
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