RBI FINES KOTAK MAHINDRA, HSBC FOR VIOLATING FEMA
Reserve Bank of India on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of Foreign Exchange Management Act (FEMA) 1999. The central bank slapped a fine of ₹70,000 on HSBC and ₹10,000 on Kotak Mahindra Bank in exercise of the powers in RBI under the provisions of section 11(3) of the FEMA Act. HSBC and Kotak declined to comment.