MUMBAI, India, Feb. 28 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹66.60 lakh (Rupees Sixty Six Lakh Sixty Thousand only) on The Hongkong and Shanghai Banking Corporation Limited (the bank) for non-compliance with certain directions issued by RBI on 'Know Your Customer', 'Reporting of Information on Unhedged Foreign Currency Exposures of the Borrowers to Credit Information Companies' and 'Interest Rates on Deposits'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 and Section 25 (1) (iii) ...