The Reserve Bank said it has imposed a penalty of Rs 10,000 each on Bank of America, N.A and HDFC Bank Ltd for violation of certain norms. Apart from this, fine has also been imposed on 5 co-operative banks.
The Central Reserve Bank has imposed heavy fine on 5 co-operative banks. These 5 banks are: The Patliputra Central Co-operative Bank Limited, The Patan Nagrik Co-operative Bank Limited, The Mandal Nagrik Co-operative Bank Limited, The Balasore Bhadrak Central Co-operative Bank Limited, The Dhrangadhra People’s Co-operative Bank Limited.
How much penalty on which bank?
- Bihar’s Patliputra Central Cooperative Bank Ltd was fined ₹1.50 lakh.
- A monetary penalty of ₹1.50 lakh was imposed on Patan Nagrik Sahakari Bank Limited, Gujarat.
- The banking regulator has imposed a monetary penalty of ₹1.50 lakh on Mandal Nagarik Sahakari Bank Ltd in Gujarat.
- The Balasore Bhadrak Central Co-operative Bank Limited, Balasore, imposed a monetary penalty of ₹50,000.
- RBI has imposed a monetary penalty of ₹1 lakh on Dhrangadhra People’s Co-operative Bank Limited.
The Reserve Bank said that in all these cases, the penalty is based on deficiencies in regulatory compliance and is not intended to impact the validity of any transaction or agreement entered into by the entities with their customers.
Bank of America, N.A, HDFC Bank fined
The Reserve Bank said it has imposed a penalty of Rs 10,000 each on Bank of America, N.A and HDFC Bank Ltd for violation of certain norms. FEMA has fined Bank of America, N.A. for violation of RBI directions on reporting requirements under the Liberalized Remittance Scheme of 1999. RBI said the penalty on HDFC Bank is for violation of instructions on accepting deposits from non-residents.
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