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Indian central bank fines co-op bank for rule violations

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Indian central bank fines co-op bank for rule violations

India's central bank fined Bombay Mercantile Co-Operative Bank Ltd. 7.5 million rupees for violating know-your-customer and anti-money laundering rules.

The Reserve Bank of India said Jan. 19 that the penalty was imposed after considering the bank's written reply and oral submissions.

As of Jan. 19, US$1 was equivalent to 68.11 Indian rupees.