RBI imposes 1.73 crore penalty on HSBC

RBI imposes 1.73 crore penalty on HSBC

Daily Current Affairs   /   RBI imposes 1.73 crore penalty on HSBC

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Category : Business and economics Published on: May 13 2023

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  • RBI has imposed a monetary penalty of Rs 1.73 crore on Hongkong and Shanghai Banking Corporation Ltd (HSBC) for contravention of Credit Information Companies Rules, 2006.
  • This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
  • Besides, the RBI imposed a monetary penalty of Rs 2 lakh on the Trichur Urban Co-operative Bank Ltd, Thrissur, Kerala for non-compliance with directions issued by the central bank on Management of Advances – UCBs.
  • RBI has also imposed a monetary penalty of Rs 1.25 lakh on Bhilai Nagarik Sahakari Bank Maryadit, Bhilai (Chhattisgarh) for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949, and the Depositor Education and Awareness Fund Scheme, 2014.
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