Libor Scandal: RBS fined $612 million

Libor Scandal: RBS fined $612 million Zeebiz Bureau

New Delhi: Royal Bank of Scotland, the third bank to pay fines in the Libor scandal, has been penalised a hefty sum of USD 612 million by UK and US authorities, a news wire has reported.

RBS has been penalised to settle allegations it manipulated benchmark interest rates, and regulators warned there is more to come in the global investigation.

The British bank, which is 82 percent-owned by the state after the world's costliest bank bailout in 2008, said on Wednesday it was cutting bonuses to help pay for the fine, in a bid to avoid a public backlash.

With Agency Inputs