The Reserve Bank of India (RBI) meted out some small but long overdue penalties for a long forgotten issue. It penalised 19 banks, mostly private and foreign, for violating RBI instructions while selling derivative products.
The regulator has imposed a fine of Rs 15 lakh on names such as Axis Bank, Barclays Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and YES Bank.BNP Paribas, Citibank, RBS, ING Vysya Bank, Standard Chartered and State Bank of India were fined Rs 10 lakh. Bank of America, DBS Bank, Deutsche Bank, HSBC and JPMorgan Chase Bank were fined Rs 5 lakh each.
The regulator has imposed a fine of Rs 15 lakh on names such as Axis Bank, Barclays Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and YES Bank.BNP Paribas, Citibank, RBS, ING Vysya Bank, Standard Chartered and State Bank of India were fined Rs 10 lakh. Bank of America, DBS Bank, Deutsche Bank, HSBC and JPMorgan Chase Bank were fined Rs 5 lakh each.
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