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RBI Imposes Penalty: RBI imposed a fine of 2 crores on this bank, what will be the effect on the account holders

RBI Penalty on HSBC: The Central Reserve Bank (RBI) has imposed a fine of Rs 1.73 crore on HSBC. The Reserve Bank of India on Monday said it has imposed a penalty of Rs 1.73 crore on HSBC for non-compliance with regulations.

RBI said in a statement that this action has been taken on the basis of deficiencies in regulatory compliance. The central bank had conducted a statutory inspection in connection with the monitoring investigation with reference to the financial position of the bank as on March 31, 2021. In the context of this investigation, the matter of non-compliance of rules came to the fore.

The bank gave false information regarding several expired credit cards with zero balance to all the four ‘credit’ information companies in violation of RBI norms.

Notice has been sent to the bank

The Reserve Bank of India has sent a notice to HSBC asking why penalty should not be imposed on you for violation of the above provisions of the CIC Rules. However, after this, the notice sent by RBI was replied by the bank.

punishment was needed

Responding to the notice of RBI and making oral submissions during the personal hearing, the bank came to the conclusion that the allegation of violation of the above CIC Rules was justified and imposed monetary penalty.

These banks were also fined

In addition, the central bank has imposed a monetary penalty of Rs 2 lakh on Thrissur Urban Cooperative Bank Limited, Thrissur, Kerala. This was for non-adherence to the directions issued by the Central Bank on the management of advances. In another statement, the RBI said it has imposed a penalty of Rs 1.25 lakh on the Hilai Nagrik Sahakari Bank Maryadit, Bhilai (Chhattisgarh).

RBI had imposed this penalty on these banks for violation/non-compliance of the provisions of the Banking Regulation Act, 1949 and Depositor Education and Awareness Fund Scheme, 2014.

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