The Reserve Bank of India (RBI) has identified seven banks, including six private and foreign banks and a state-owned lender for breaching forex regulations, Economic Times reports. The lenders are likely to face regulatory action and penalties for old derivative deals, where currency laws were violated.The apex bank has communicated its decision to association of money market dealers, forex dealers and the lenders’ lobby. The Indian central bank reviewed derivative deals of as many as 22 lenders.

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