RBI Imposes Penalty of Rs 10,000 Each On HDFC, Bank of America – News18

The Reserve Bank of India has imposed a penalty of Rs 10,000 every on Bank of America, N.A. and HDFC Bank Ltd for violation of sure norms. The penalty on Bank of America, N.A. has been imposed for violation of Reserve Bank of India’s directions on reporting necessities underneath Liberalised Remittance Scheme of FEMA 1999, the RBI mentioned in an announcement.

In one other assertion, the central financial institution mentioned penalty on HDFC Bank is for violation of instructions on acceptance of deposits from non-residents. Besides, penalties have been imposed on 5 cooperative banks for non-compliance with varied regulatory norms.

The cooperative banks which have been penalised are The Patliputra Central Cooperative Bank, Bihar; The Balasore Bhadrak Central Co-operative Bank, Odisha; The Dhrangadhra People’s Co-operative Bank, Gujarat; Patan Nagarik Sahakari Bank Ltd., Patan, Gujarat; and The Mandal Nagarik Sahakari Bank, Gujarat.

In all instances, the RBI mentioned the penalties are primarily based on the deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by entities with their prospects.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)