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RBI imposes Rs.1 crore penalty on HDFC for violating its norms

Date: 19 June 2019 Tags: Banking Laws & Regulations
  • Reserve Bank of India (RBI) has imposed Rs.1 crore penalty on private sector lender HDFC Bank for violating know your customer (KYC) and anti-money laundering (AML) norms.
  • The penalty was imposed after RBI received a reference from customs’ authorities regarding submission of forged bill of entries (BoEs) by certain importers to HDFC bank for remittance of foreign currency.
  • RBI's examination revealed violations of RBI directions on KYC/AML norms and on reporting of frauds. The penalties on HDFC Bank was based on deficiencies in regulatory compliance.
  • The penalty was imposed by RBI in exercise of powers vested to it under the provisions of Section 47A(1)(c) with Section 46(4)(i) of the Banking Regulation Act, 1949.