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RBI imposes Rs 27 crore penalty on 13 banks for FEMA violations

Naresh Kumar SagarEdit"RBI imposes Rs 27 crore penalty on 13 banks for FEMA violations"
Reserve Bank of India (RBI) has imposed 27 crore rupees penalty on 13 public and private sector banks for Foreign Exchange Management (FEMA) Act violations and Know your customer (KYC) lapses. The banks include Punjab National Bank and HDFC Bank. In a statement issued in Mumbai , RBI asked eight other banks including SBI and ICICI to ensure strict compliance with the guidelines.
On the basis of inputs received from a public sector bank, RBI had undertaken a scrutiny on advance import remittances in 21 banks in October and November last year. The scrutiny examined the alleged irregularities in opening and monitoring of accounts including violations under FEMA provisions.

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