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The Reserve Bank of India has imposed a fine of Rs 75 lakh on HDFC, the largest bank in the private sector. This has been done after the lapse in some rules by HDFC. According to the statement issued by the RBI, the fine was imposed due to the lapse in compliance with the KYC guidelines.
RBI further said in the statement- HDFC Bank did not classify some customers on the basis of their risk category (ie low, medium and high). In addition, HDFC released several identity codes instead of giving unique customer identification (UCIC) to some customers.
The Reserve Bank of India also conducted a regulatory inspection on 31 March 2023 based on the financial situation of the bank. Apart from this, KLM Axiva Finvest has also been imposed as a fine of Rs 10 lakh from RBI. It is a non -banking financial company. The penalty was imposed on him due to non -compliance with the rules related to dividend announcement under RBI Directions 2023.
The Reserve Bank of India said in its statement that KLM Axiva Finvest declared a dividend for financial year 2023024, while it could not meet the minimum regulatory requirements in the last three financial years.
Similarly, a fine of Rs 68.20 lakh was imposed on Punjab and Sindh Bank. This did not properly follow the rules related to the creation of a centralized repository made for large shared risk in banks, access to banking services and basic savings bank deposit account.
Significantly, RBI works as a regulatory for the banking system. It is the responsibility of the RBI to follow banking guidelines. However, this penalty imposed by RBI on banks will not have any effect on the services of customers.
