Mumbai, Feb. 28 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 66.60 lakh on 'The Hongkong and Shanghai Banking Corporation Limited' 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'.
The statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as of March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed ...