The Reserve Bank on Wednesday (March 26, 2025) stated it has imposed penalties on HDFC Bank and Punjab & Sind Bank for deficiencies in regulatory compliance.
A penalty of ₹75 lakh on HDFC Bank has been imposed for non-compliance with sure instructions issued by RBI on ‘Know Your Customer’ (KYC), the central financial institution stated in a press release.
In one other assertion, the RBI stated a penalty of ₹68.20 lakh has been impose on Punjab & Sind Bank for non-compliance with sure instructions 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 Reserve Bank of India has additionally imposed a penalty of ₹10 lakh on KLM Axiva Finvest for non-compliance with necessities regarding declaration of dividends.
In all circumstances, the central financial institution stated the penalties are based mostly on deficiencies in regulatory compliance and never supposed to pronounce upon the validity of any transaction or settlement entered into by the entities with their clients.
Published – March 27, 2025 10:14 am IST
