RBI slaps fine on 5 foreign banks for violating FEMA rules

Posted on:23 Dec 2016 09:41:42
RBI slaps fine on 5 foreign banks for violating FEMA rules
23 December 2016 Current Affairs: The Reserve Bank of India (RBI) has penalised five foreign banks a total of Rs 60,000 for violation of the central bank's instructions on reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). 

Germany's Deutsche Bank was penalised the highest Rs 20,000 while US' Bank of America-Merrill Lynch, UK's Royal Bank of Scotland, Japan's Bank of Tokyo Mitsubishi and UK's Standard Chartered were asked to pay a fine of Rs 10,000 each. 

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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 June

25 JUNE
NEWS
24 JUNE
NEWS
23 JUNE
NEWS
22 JUNE
NEWS

Current Affairs 2018 May

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
28 MAY
NEWS

Current Affairs 2018 April

30 APRIL
NEWS
29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS