RBI slaps penalty on BoB, HDFC Bank & PNB

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Bank of Baroda (BoB) in connection with the Rs 6,100-crore foreign exchange fraud exposed last year. The RBI has imposed penalties of Rs 2 crore on HDFC Bank.

Delhi-based public sector lender Punjab National Bank also in notice to exchanges. RBI has imposed an aggregate penalty of Rs 3 crore. It has taken necessary preventive measures/ comprehensive action plan to avoid its recurrence. 4 Last year, a Rs 6,000-crore foreign exchange scam was unearthed at BoB. However, later these accounts were traced to HDFC Bank where the fraud was believed to have started. As part of this scam, funds were transferred to accounts in Hong Kong for certain import transactions that were not carried out.

So let’s do:
1. Name the banks, which have penalised by Reserve Bank of India,recently?

Source – The Hindu

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