Mumbai/New Delhi, March 26 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 75 on HDFC Bank for non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)'.
The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on 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 penalty should not be imposed on it for its failure to comply with the said directions.
After considering the bank's reply to the notice and additional submissions made by it, RBI found, inter alia, that two charges ...