The Reserve Bank of India has imposed penalty ranging from ₹10,000 to ₹20,000 on five foreign banks — Bank of America, Bank of Tokyo Mitsubishi, Deutsche Bank, The Royal Bank of Scotland, and Standard Chartered Bank — for violation of its instructions on reporting requirements of the Foreign Exchange Management Act, 1999.
The penalties have been imposed under relevant provisions of FEMA 1999, taking into account, the violations of the instructions/ directions/guidelines issued by the Reserve Bank of India, from time to time.
While the Reserve Bank has imposed a fine of ₹10,000 each on Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland, and Standard Chartered Bank, in the case of Deutsche Bank the fine is ₹20,000.
