The Reserve Bank of India (RBI) has imposed a penalty of Rs 10,000 each on HDFC Bank and Bank of America for violation of certain norms. 

The penalty on HDFC Bank is for violation of directions on acceptance of deposits from non-residents and flouting RBI's directions under the Liberalised Remittance Scheme of FEMA, 1999.

HDFC Bank, in an exchange filing, said that it did not obtain RBI’s approval for maintaining current and fixed deposit accounts of a foreign bank post cancellation of their license by RBI, which was in contravention to para 13 of AP (DIR Series) Circular no. 67 dated May 5, 2016.

The penalty on Bank of America, N.A. has been imposed for violation of RBI's instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999, it said in a statement.

Besides, penalties have been imposed on five cooperative banks for non-compliance with various regulatory norms.

The cooperative banks which have been penalised are The Patliputra Central Cooperative Bank, Bihar; The Balasore Bhadrak Central Co-operative Bank, Odisha; The Dhrangadhra People's Co-operative Bank, Gujarat; Patan Nagarik Sahakari Bank Ltd., Patan, Gujarat; and The Mandal Nagarik Sahakari Bank, Gujarat.

In all cases, the RBI said the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by entities with their customers.