Mumbai/New Delhi, March 21 -- The Reserve Bank of India has imposed monetary penalties onIDBI Bank Limited and Citibank under the Foreign Exchange Management Act (FEMA). it said in a statement on Friday.
The RBI has levied a penalty of Rs 36.30 lakh on IDBI Bank Limited for not undertaking due diligence while processing the inward remittances from a Foreign Currency Account opened by a constituent, resulting in contravention of Section 10 (4) of FEMA, 1999.
The RBI had issued a show cause notice, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank's reply in the matter, the country's apex bank concluded that the violations were substantiated...