The RBI Deputy Governor urged ARC chiefs to adopt a regulation-plus approach where you not only comply with the letter of the regulation but also its spirit.
Apart from India, FIIs have withdrawn $700 million from Indonesia, $415 million from Vietnam, $210 million from Thailand, and $58 million from the Philippines.
After considering the facts of the case and the banks reply in the matter, the RBI came to the conclusion that the violations were substantiated and warranted the imposition of penalty