The Reserve Bank on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions (deutsche bank stock) of directions concerning interest rate on deposits.


The central bank said the statutory inspection of Deutsche Bank's financial position as on (Deutsche bank stock) March 31, 2019 and the Risk Assessment Report revealed non-compliance with the 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.



                                              



Following the inspection, the RBI issued a show cause notice to the bank.


"After considering the bank's reply to the notice, oral submissions made in the personal (deutsche bank stock) hearing and examination of additional submissions, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty," the central bank said.

Therefore, RBI by an order on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG. The action, the RBI added, was based on the deficiencies in regulatory compliance (deutsche bank stock) and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.


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