RBI Fines Bank Of America, N.A., HDFC Bank
RBI has imposed a penalty of Rs 10,000 each on Bank of America, N.A. and HDFC Bank Ltd for violation of certain norms. The penalty on Bank of America, N.A. has been imposed for violation of Reserve Bank of India's instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999.
Brian Thomas Moynihan, current chairman and CEO of Bank of America.