The Reserve Bank of India on Monday stated it has imposed a penalty of Rs 1.73 crore on HSBC for non-compliance with norms. This motion relies on the deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its clients, the Reserve Bank of India (RBI) stated in a press release.
The Statutory Inspection for Supervisory Evaluation (lSE) of the financial institution was carried out by the RBI with reference to its monetary place as of March 31, 2021, and the examination of the danger evaluation report and all associated correspondences pertaining to the identical revealed, it famous.
The financial institution in contravention of the RBI’s guidelines furnished incorrect credit score info in respect of a number of expired bank cards with nil dues to all 4 credit score info firms.
“In furtherance to the same, a notice was issued to the bank, advising it to show cause as to why penalty should not be imposed for contravention of the said provisions of CIC Rules, as stated therein,” it stated.
After contemplating the financial institution’s reply to the discover and oral submissions made in the course of the private listening to, the RBI got here to the conclusion that the cost of contravention of the aforesaid CIC Rules was substantiated and warranted the imposition of a financial penalty, it stated.
Besides, the central financial institution has imposed a financial penalty of Rs 2 lakh on the Trichur Urban Co-operative Bank Ltd, Thrissur, Kerala for non-compliance with instructions issued by the central financial institution on Management of Advances – UCBs.
In a separate assertion, the RBI stated it has imposed a financial 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.
(With inputs from PTI)
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