RBI imposes Rs 1 lakh penalty on Bank

Mumbai, June 19 (UNI) Reserve Bank today imposed Rs 1 lakh penalty on Mumbai-based Kokan Mercantile Co-operative Bank for allegedly violating its directive on credit exposure limits to borrowers.

The penalty was imposed after RBI took into account a written reply submitted by Mercantile Bank in return to a show-cause notice issued by it, an RBI release said.

UNI