The Reserve Bank of India (RBI) has occasionally issued penalties for rule violations against numerous banks and NBFCs. The RBI has fined HSBC Bank Rs. 1.73 crore for breaking the norms. This action was taken because of inadequacies in regulatory compliance, according to a statement from RBI.
Also penalized as HDFC.
The bank’s financial status as of March 31, 2021, was the subject of a statutory inspection by the central bank about the monitoring probe. In the context of this investigation, non-compliance was highlighted. In contravention of RBI regulations, the bank provided misleading information regarding several expired credit cards with zero balances to all four “credit” information businesses. The RBI previously fined HDFC Ltd. and RBL Bank Ltd. a total of Rs 2.27 crore.
The legitimacy of the settlement is unrelated to the fine that the RBI assessed against RBL.
The Internal Ombudsman Scheme, 2018, Fair Practises Code for Banks, Credit Card Operations of Banks, Risk Management) and non-compliance with certain provisions relating to the outsourcing of financial services and collection agencies were cited as the reasons for this sanction. It is unrelated to the legality of any transaction or arrangement the Bank has with its clients.
What impact will it have on customers?
RBI fines banks and cooperative banks for any failure to comply with regulatory requirements. There is no connection between the account holders and this fine imposed on banks. It has no impact on any customer-accessible facilities in such a scenario.
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