Deutsche Bank faces Rs 2 crore penalty from RBI

Reserve bank of India (RBI) on 12th January imposed Rs 2 crore penalty on Deutsche Bank AG for non-compliance with certain provisions. The penalty has been imposed under the provisions of section 47 A (1) (c) section 46 (4) (i) of the Banking Regulation Act, 1949.

The statutory inspection body with reference to finance position and risk assessment report revealed, inter-alia, non-compliance with the RBI (interest rate on deposits).

After considerations the bank replied to the notice that personal hearings and various additional submissions, RBI take the charge of non-compliance with certain substantiated and warranted imposition of monetary penalty.

Therefore, RBI on Tuesday imposed a penalty of Rs 2 crore on Deutsche bank AG.