RBI Imposes Monetary Penalty on HDFC Bank and Bank of America for FEMA Violations

Keywords: private sector bank, Monetary , Penalty, FEMA, Financial System In a significant move, the Reserve Bank of India (RBI) has fined HDFC Bank and Bank of America Rs 10,000 each for non-compliance with reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA). The action Read more