RBI imposes penalty on HDFC Bank
The penalty has been imposed on HDFC Bank for deficiencies in statutory and regulatory compliance, including those related to KYC
Reserve Bank of India (RBI) has imposed penalty of Rs 91 lakh on HDFC Bank. The penalty has been imposed on HDFC Bank for deficiencies in statutory and regulatory compliance, including those related to Know Your Customer (KYC).
The penalty has been imposed on bank for contravention of certain provisions of the Banking Regulation (BR) Act and non-compliance with certain directions on 'Interest Rate on Advances', 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and KYC. The statutory inspection for supervisory evaluation of the bank was conducted with reference to its financial position as on March 31, 2024.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
