RBI fines Bank of America, N.A., HDFC Bank

Current Context: The Reserve Bank of India (RBI) has imposed fines on both Bank of America, N.A. and HDFC Bank for violating certain norms.

• The penalty on Bank of America, N.A. has been imposed for violation of RBI’s instructions on reporting requirements under the Liberalised Remittance Scheme of FEMA 1999.
• HDFC Bank, a leading private sector bank, was fined for accepting deposits from non-residents and flouting RBI’s directions under the Liberalised Remittance Scheme of FEMA, 1999.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10.00 crore (Rupees ten crore only) on HDFC Bank Limited.

Question:

Q.1 Which banks were fined by the Reserve Bank of India (RBI)?
a. ICICI Bank and HSBC
b. State Bank of India and Citibank
c. HDFC Bank and Bank of America, N.A.
d. Axis Bank and Deutsche Bank