RBI Slaps Fine On HDFC Bank, Punjab & Sind Bank And KLM Axiva Finvest
The central bank clarified that the penalties were not intended to pronounce the validity of any transaction or agreement;
RBI Slaps Fine On HDFC Bank, Punjab & Sind Bank And KLM Axiva Finvest
The central bank clarified that the penalties were not intended to pronounce the validity of any transaction or agreement
The Reserve Bank of India (RBI) has penalized HDFC Bank and Punjab & Sind Bank for deficiencies in regulatory compliance.
While HDFC Bank was fined Rs.75 lakh for Know Your Customer (KYC) non-compliance, Punjab & Sind Bank must pay Rs.68.20 lakh for regulations, including financial inclusion and banking services.
In another statement, the Central bank said a penalty of Rs.68.20 lakh was imposed on Punjab & Sind Bank for non-compliance with directions on 'Creation of a Central Repository of Large Common Exposures - Across Banks' and 'Financial Inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)'.
The RBI also imposed Rs.10 lakh on KLM Axiva Finvest for non-compliance with the declaration of dividends.
The penalties in all cases were based for non-compliance and were not intended for validity of any transaction or agreement entered by the entities with their customers.
