HDFC Bank, Bank of America fined for FEMA-related rule violations

Reserve Bank of India (RBI) has fined HDFC Bank and Bank of America for rule violations. The central bank said show-cause notices were sent to both the banks under Section 11(3) of the Foreign Exchange Management Act (FEMA). RBI said Bank of America was fined ₹10,000 for violations of instructions on reporting requirements under Liberalised Remittance Scheme of FEMA.