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Indian central bank fines 5 foreign banks for reporting violations

The Reserve Bank of India fined five foreign banks for violating its instructions for reporting requirements of the country's Foreign Exchange Management Act.

The Indian central bank fined Deutsche Bank AG with the highest fine of 20,000 Indian rupees. Standard Chartered Plc unit Standard Chartered Bank, Bank of America Corp., Bank of Tokyo-Mitsubishi UFJ Ltd. and Royal Bank of Scotland Group Plc were each fined 10,000 rupees, according to a Dec. 21 statement.

The central bank said it made the decision after considering the facts of the cases and the banks' replies in the matter.

As of Dec. 21, US$1 was equivalent to 67.85 Indian rupees.