Hyderabad, March 26 -- The Reserve Bank of India (RBI) has imposed a hefty fine of Rs 75 lakh on HDFC Bank, a leading private sector banking giant, for non-compliance with Know Your Customer (KYC) norms.

In a statement released on Wednesday, the RBI said the penalty was imposed because the bank failed to adhere to the guidelines issued in 2016 regarding KYC norms.

The latest amendment to these guidelines was made in November 2024.

The RBI stated that during an inspection conducted in March 2023, several lapses were identified in the bank's compliance with KYC regulations.

Following this, a show-cause notice was issued to HDFC Bank. However, the explanation provided by the bank did not satisfy the RBI, leading to the imposition of the ...