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ā¢ The Reserve Bank of India has imposed a penalty of Rs 10,000 each on Bank of America, N.A. and HDFC Bank Ltd for violations of certain norms.
ā¢ Bank of America was penalized for violating reporting requirements under the Liberalised Remittance Scheme of FEMA 1999, while HDFC Bank was penalized for violating directions on acceptance of deposits from non-residents.
ā¢ Penalties were also imposed on five cooperative banks for non-compliance with various regulatory norms.