RBI imposes penalty on HSBC, IIFL Samasta Finance for violating norms

Daily Current Affairs / RBI imposes penalty on HSBC, IIFL Samasta Finance for violating norms

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Category : Business and economics Published on: March 06 2025

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RBI imposed a penalty of ₹66.60 lakh on HSBC for outsourcing AML alert closures, not reporting unhedged forex exposures, and opening ineligible savings accounts. IIFL Samasta Finance was fined ₹33.10 lakh for misclassifying NPAs, charging pre-disbursement interest, and issuing multiple customer IDs.
HSBC violated anti-money laundering and forex exposure reporting norms, while IIFL Samasta Finance failed to follow correct loan classification and customer identification rules, as per RBI’s review of their financial position on March 31, 2023.