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of <h1>RBI Fines Five Foreign Banks for Violations Under FEMA Section 11(3); Deutsche Bank, Others Penalized for Reporting Lapses.</h1> The Reserve Bank of India (RBI) has imposed penalties on five foreign banks for violating reporting requirements under the Foreign Exchange Management Act, 1999 (FEMA). The banks penalized include Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi, and The Royal Bank of Scotland. Deutsche Bank was fined Rs. 20,000, while the other banks received fines of Rs. 10,000 each. The penalties were issued under Section 11(3) of FEMA after the RBI reviewed the banks' responses to show cause notices and concluded that violations had occurred.
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