Mumbai: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs one crore on HDFC Bank for non-compliance of Know Your Customer (KYC) norms.
“The penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act 1949, taking into account the failure of the bank to adhere to the aforesaid direction issued by RBI,” said the central bank in a statement.
