Reetu | Mar 29, 2025 |
RBI imposes Over Rs.1.40 Crore Penalties on HDFC Bank and Punjab and Sind Bank
The Reserve Bank of India (RBI) has imposed penalties of more than Rs.1.40 crore on HDFC Bank and Punjab and Sind Bank for regulatory compliance violations.
The RBI slapped a Rs.75 lakh penalty on HDFC Bank for failing to comply with its ‘Know Your Customer’ (KYC) guidelines, according to a statement.
The RBI imposed a penalty of Rs.68.20 lakh on Punjab & Sind Bank for failing to comply with directions on ‘Creation of a Central Repository of Large Common Exposures Across Banks’ and ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’.
RBI also imosed a Rs.10 lakh penalty on KLM Axiva Finvest for failing to comply with dividend declaration regulations.
In all cases, the central bank stated that the penalties are based on flaws in regulatory compliance and are not intended to question the legitimacy of any transaction or agreement entered into by the firms with their clients.
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