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    Question

    Which section of the FEMA Act was cited by RBI while

    penalizing HDFC Bank?
    A Section 10 Correct Answer Incorrect Answer
    B Section 11(3) Correct Answer Incorrect Answer
    C Section 13(1) Correct Answer Incorrect Answer
    D Section 15A Correct Answer Incorrect Answer
    E Section 14 Correct Answer Incorrect Answer

    Solution

    The penalty on HDFC Bank was issued under Section 11(3) of FEMA, relating to non-compliance with KYC norms.

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