RBI fines Bank of America, NA, and HDFC Bank

Reserve Bank on Thursday said it has imposed a penalty of Rs 10,000 each on Bank of America, NA and HDFC Bank Ltd for violation of certain norms.

penalty on Bank of America, NA has been imposed for violation of Reserve Bank of India's instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999, it said in a statement.

In anor statement, central bank said penalty on HDFC Bank is for violation of directions on acceptance of deposits from non-residents.

Besides, penalties have been imposed on five cooperative banks for non-compliance with various regulatory norms.

cooperative banks which have been penalised are Patliputra Central Cooperative Bank, Bihar; Balasore Bhrak Central Co-operative Bank, Odisha; Dhranghra People's Co-operative Bank, Gujarat;  Patan Nagarik Sahakari Bank Ltd., Patan, Gujarat; and Mandal Nagarik Sahakari Bank, Gujarat.

In all cases, RBI said penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon validity of any transaction or agreement entered into by entities with ir customers. 

(With PTI inputs)