Today, the Reserve Bank of India said that 22 financial firms should disburse a combined US$8.3 million in penalties. The central bank said that the firms disobeyed the rules as well as the regulations on anti-money laundering.

The State Bank, India's biggest moneylender by assets, would be fined INR30 million equivalent to US$501,000. The local unit of Deutsche Bank AG needed to pay INR10 million. The central bank also sent notices to seven other banks so that it could ensure that all of them complied with the norms

India's efforts were in compliance with the world's financial regulators including law enforcement agencies. They wanted to limit money-laundering and fraud.

In June, the central bank also penalized the nation's largest bank by market value HDFC Bank Ltd., along with Axis Bank Ltd. and ICICI Bank Ltd. because they flouted the rules. Today, the biggest fine was charged against Indian Overseas Bank, the state-controlled bank, at INR30.03 million.