Reserve Bank of India (RBI) imposed penalty on 5 foreign banks

RBI imposed penalty on 5 foreign banks

The Reserve Bank of India (RBI) imposed penalty on following 5 foreign banks for violating Foreign Exchange Management Act (FEMA) rules.

1. Deutsche Bank - fine of Rs. 20,000
2. Standard Chartered Bank - fine of Rs. 10,000
3. Bank of America - fine of Rs. 10,000
4. Bank of Tokyo Mitsubishi - fine of Rs. 10,000
5. The Royal Bank of Scotland - fine of Rs. 10,000

The penalties have been imposed in exercise of the powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA 1999, taking into account, the violations of the instructions/directions/guidelines issued by the Reserve Bank of India, from time to time, RBI said.