Home > Brand Updates > RBI fines HDFC Bank Rs 1 crore for not reporting bank frauds
RBI fines HDFC Bank Rs 1 crore for not reporting bank frauds

RBI fines HDFC Bank Rs 1 crore for not reporting bank frauds

Posted On : Wednesday, June 19, 2019, 10:50 AM
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. "Examination in this regard revealed violations of RBI directions on 'KYC/AML norms' (know your customer/anti-money laundering)and on reporting of frauds," RBI said on its website. A notice was issued to HDFC Bank on why monetary penalty should not be imposed for non-compliance with the directions, the apex bank said. The fine was imposed through an order last Thursday after considering HDFC Bank's reply, oral submissions made during the personal hearing and additional submission made, the apex bank said.
CIBIL Meter