Question
Why did RBI impose a penalty of Rs 10,000 each on Bank of America, N.A. and HDFC Bank Ltd.?
Solution
Bank of America, N.A. was penalized for violating RBI's instructions on reporting requirements under the Liberalised Remittance Scheme of FEMA 1999. HDFC Bank faced a penalty for violating directions related to the acceptance of deposits from non-residents.
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