RBI imposes Rs 50 lakh fine on Bombay Mercantile Co-operative Bank

The Reserve Bank of India (RBI) has imposed a fine of Rs 50 lakh on Mumbai Mercantile Co-operative Bank for violating the rules.

The RBI has introduced some of its Know Your Customers (KYC) rules Akola due to non-compliance with the provisions District based Central Cooperative Bank Limited Akola (Maharashtra) has also been fined Rs 2 lakh.

The Bombay Mercantile Bank has been fined for non-compliance with RBI directives 2016 and Supervisory Action Framework (SAF) directives, the RBI said in a statement.

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