1 Min Read
Dec 21 (Reuters) - Reserve Bank of India:
* RBI imposes monetary penalty on five authorised dealer banks
* Penalty of 10,000 rupees each on Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland, Standard Chartered Bank
* Penalty of 20,000 rupees on Deutsche Bank
* After considering facts of cases, banks' replies in matter, RBI came to conclusion that violations were substantiated, warranted imposition of penalty.
* 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
* Imposed monetary penalty on five banks for violation of rbi's instructions on reporting requirements of foreign exchange management act, 1999 Source text: bit.ly/2hU7SUE