RBI slaps fine on five foreign banks for violating FEMA rules1 min read . Updated: 21 Dec 2016, 09:14 PM IST
Deutsche Bank has been fined Rs20,000, while Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland and Standard Chartered have been fined Rs10,000 each
Mumbai: The Reserve Bank of India (RBI) on Wednesday said that it has punished five banks for violations of its instructions for reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA).
The central bank imposed penalties worth Rs10,000 each on banks including Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland and Standard Chartered Bank. The regulator imposed a penalty of Rs20,000 on Deutsche Bank according to a statement on its website.
“The Reserve Bank had issued a show cause notice to the banks, in response to which the banks submitted written replies and also made oral submissions thereon. After considering the facts of the cases and the banks’ replies in the matter, Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty," RBI said in its statement.