RBI imposes Monetary Penalty on Konkan Mercantile Co-operative Bank Ltd

RBI imposes Monetary Penalty - RBI - Monetary Penalty - Penalty - Konkan Mercantile Co-operative Bank Ltd - taxscan

By order dated June 29, 2023, the Reserve Bank of India (RBI) imposed a penalty of Rs. 1 lakh (one lakh only) on Mumbai’s Konkan Mercantile Co-operative Bank Limited for failure to comply with RBI’s instructions regarding the maintenance of deposit accounts. This action is based on regulatory compliance issues, and it is not meant…

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