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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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