RBI slaps Rs 2 crore effective on Deutsche Bank for non-compliance
The Reserve Bank of India has imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with sure provisions of instructions regarding rate of interest on deposits. The central financial institution stated the statutory inspection of Deutsche Bank’s monetary place as on March 31, 2019, and the Risk Assessment Report revealed non-compliance with the ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
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The motion was primarily based on the deficiencies in regulatory compliance and was not supposed to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients.
Important takeaways for all aggressive exams:
- Deutsche Bank CEO: Christian Sewing.
- Deutsche Bank Headquarters: Frankfurt, Germany.
- Deutsche Bank Founded: 10 March 1870.
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