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The Reserve Bank of India has imposed penalty on five foreign banks which also includes Deutsche Bank and Standard Chartered Bank on account of violation of its instructions on reporting requirements of the FEMA.
Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland are the three other banks.
According to RBI, they have been fined for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA).
A fine of Rs 20,000 has been imposed on Germany’s Deutsche Bank, whereas Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland and Standard Chartered Bank have been fined Rs 10,000 each.
