The Reserve Bank of India (RBI) has imposed a fine of Rs 75 lakh on HDFC Bank citing non-compliance of KYC guidelines. Apart from this, a fine of Rs 68.20 lakh has been imposed on Punjab and Sindh Bank.
New Delhi. The Reserve Bank of India (RBI) monitors the operations of all the banks in the country. Whenever a bank ignores the rules and acts arbitrarily, the RBI can impose a fine on it. In this connection, the RBI said on Wednesday that it has imposed a fine on HDFC Bank and Punjab and Sind Bank for lack of compliance with the rules.
The central bank said in a statement that HDFC Bank has been fined Rs 75 lakh for not following certain RBI instructions on ‘Know Your Customer’ (KYC). RBI said that Punjab and Sind Bank has been fined Rs 68.20 lakh for not following certain instructions on ‘Creation of a Central ‘Repository’ of Major Common Risks in Banks’ and ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’.
The Reserve Bank has also imposed a fine of Rs 10 lakh on KLM Exiva Finvest
for not complying with the requirements related to the declaration of dividend.
Now what will happen to the customers’ money?
However, RBI said that this fine is based on deficiencies in regulatory compliance. Its purpose is not to decide on the validity of any transaction or agreement made by the bank with its customers.
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