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BRIEF-India cenbank imposes monetary penalty on five authorised dealer banks
December 21, 2016 / 11:16 AM / a year ago

BRIEF-India cenbank imposes monetary penalty on five authorised dealer banks

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

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