The Reserve Financial institution has imposed penalties on HDFC Financial institution and Punjab & Sind Financial institution for deficiencies in regulatory compliance. File
| Photograph Credit score: Reuters
The Reserve Financial institution on Wednesday (March 26, 2025) stated it has imposed penalties on HDFC Financial institution and Punjab & Sind Financial institution for deficiencies in regulatory compliance.
A penalty of ₹75 lakh on HDFC Financial institution has been imposed for non-compliance with sure instructions issued by RBI on ‘Know Your Buyer’ (KYC), the central financial institution stated in a press release.
In one other assertion, the RBI stated a penalty of ₹68.20 lakh has been impose on Punjab & Sind Financial institution for non-compliance with sure instructions on ‘Creation of a Central Repository of Massive Widespread Exposures – Throughout Banks’ and ‘Monetary Inclusion – Entry to Banking Providers – Primary Financial savings Financial institution Deposit Account (BSBDA)’.
The Reserve Financial institution of India has additionally imposed a penalty of ₹10 lakh on KLM Axiva Finvest for non-compliance with necessities regarding declaration of dividends.
In all instances, the central financial institution stated the penalties are based mostly on deficiencies in regulatory compliance and never supposed to pronounce upon the validity of any transaction or settlement entered into by the entities with their prospects.
Printed – March 27, 2025 10:14 am IST
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