hdfc bank and punjab & Sind bank were penalized by the Reserve bank for their noncompliance with regulations. According to a statement released by the central bank, hdfc bank has been fined Rs 75 lakh for failing to comply with specific guidelines regarding "Know Your Customer" (KYC).
With a market value of Rs 13.82 lakh crore, hdfc is the biggest private bank in India. hdfc bank was fined Rs 1 crore by the RBI in september of last year for failing to comply with the regulations on "interest rate on deposits," "recovery agents engaged by banks," and "customer service in banks."
The RBI said in a separate statement that punjab & Sind bank had been fined Rs 68.20 lakh for failing to follow instructions on "Financial Inclusion - Access to banking services - Basic Savings bank Deposit Account (BSBDA)" and "Creation of a Central Repository of Large Common Exposures - Across Banks."
Additionally, KLM Axiva Finvest was fined Rs 10 lakh by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india for failing to comply with the rules of dividend disclosure. The central bank stated that the penalties are always based on regulatory compliance shortcomings and are not meant to rule on the legality of any transaction or contract that the firms have with their clients.
With a market value of Rs 13.82 lakh crore, hdfc is the biggest private bank in India. hdfc bank was fined Rs 1 crore by the RBI in september of last year for failing to comply with the regulations on "interest rate on deposits," "recovery agents engaged by banks," and "customer service in banks."
The RBI said in a separate statement that punjab & Sind bank had been fined Rs 68.20 lakh for failing to follow instructions on "Financial Inclusion - Access to banking services - Basic Savings bank Deposit Account (BSBDA)" and "Creation of a Central Repository of Large Common Exposures - Across Banks."
Additionally, KLM Axiva Finvest was fined Rs 10 lakh by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india for failing to comply with the rules of dividend disclosure. The central bank stated that the penalties are always based on regulatory compliance shortcomings and are not meant to rule on the legality of any transaction or contract that the firms have with their clients.
click and follow Indiaherald WhatsApp channel