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RBI imposes penalty on 5 foreign banks for violating FEMA rules

The Reserve Bank of India (RBI) has slapped a fine on five foreign banks, namely, Deutsche Bank, Standard Chartered Bank, Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland for violating reporting requirements of the Foreign Exchange Management Act, 1999 (FEMA). Germany’s Deutsche Bank has been imposed a fine of Rs ..


Regulators in Europe, US and Asia investigating financial institutions

Regulators in the United States, Europe and Asia are scanning a number of key financial institutions for manipulating Inter-Bank Lending rates. In this context, Barclays Bank was fined $ 452 million which is the first company to admit such fault. Regulators in the US, Europe and Asia are looking into other major names including City ..