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ā¢ The Reserve Bank of India has imposed monetary penalties on HDFC Bank, Bank of America, and three co-operative banks for violating rules.
ā¢ The penalties range from Rs 10,000 to Rs 1.50 lakh, and were imposed for non-compliance with regulations on acceptance of deposits from non-residents and placement of deposits with other banks.
ā¢ The RBI had sent show cause notices to the banks before taking action.