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    Question

    The Reserve Bank of India (RBI) has imposed late

    submission fees (LSF) of ₹2,000 crore on ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.Which bank is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions?
    A State Bank of India Correct Answer Incorrect Answer
    B Canara Bank Correct Answer Incorrect Answer
    C UCO Bank Correct Answer Incorrect Answer
    D Bank of Baroda Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crore on ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.  State Bank of India (SBI) is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions. It is the work of the AD bank to report and reconcile their overseas direct investments (ODIs) within the decided timelines.

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