India’s central banking institution, Reserve Bank of India (RBI) has imposed a penalty of Rs 75 lakh on Bombay Mercantile Co-operative Bank for violations of norms related to KYC and anti-money laundering.RBI had issued a notice regarding this to the bank and the bank has submitted its written reply.The Mercantile Bank of Bombay was an Anglo-Indian bank with business focus in the Far East.
The Mercantile Bank of Bombay was renamed to Mercantile Bank of India, London, and China in 1857.Founded in 1853 Headquarters in London.
So, let’s discuss some questions related to this post:
Q1. Name the Private Bank, which has been imposed a penalty of rs 75 lakh by India’s central banking institution, Reserve Bank of India (RBI), recently?
Ans1. Bombay Mercantile Co-operative Bank