News, Scrip Scan

RBI fines HDFC Bank Rs 1 crore for non-compliance of KYC norms

Scrip Sanctuaries for protection from the wildlife in this jungle of Indian Equities

RBI fines HDFC Bank Rs 1 crore for non-compliance of KYC norms

The RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency

The Reserve Bank of India (RBI) has fined HDFC Bank Rs 1 crore for non-compliance with the central bank’s norms on ‘know your customer (KYC)/anti-money laundering (AML)’ and ‘reporting of frauds’.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement on its website.

Elaborating on the background, the RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency.

“Examination in this regard revealed violations of RBI directions on ‘KYC/AML norms’ and on reporting of frauds based on which a notice was issued to the bank advising it to show cause as to why monetary penalty should not be imposed for non-compliance with the aforesaid directions,” the statement said.

The fine was imposed after hearing from the bank, as RBI thought imposition of penalty was warranted.

https://www.business-standard.com/article/economy-policy/rbi-fines-hdfc-bank-rs-1-crore-for-non-compliance-of-kyc-norms-119061900067_1.html

Excerpts from Gaurav’s Blog

  Rest in Peace now Gerela Saab  ! Mr S T Gerela ex GM of BSE passed away peacefully this morning We had not met in years but he always remained at the top of my mind when it came to testimonials for this is what he had said to me over a decade ago,when […] [...]

Vedanta de-listing offer price Rs 87.50~Come on Mr Anil Agarwal ! Promoter Group of  Vedanta Ltd has proposed a voluntary de-listing at an indicative offer price of Rs 87.50~are the over 7.3 lakh minority shareholders from Alibag !? …apologies to the people of Alibag Some would term this as De-listing Duplicity ~ but I would […] [...]

This is a Riskless Reliance Industries Rights Investment Strategy for those over 2.3 Million Shareholders already holding RIL shares. It is not a recommendation to buy RIL cum rights  It’s a no brainer yet I’m just penning a brief note because some have told me they hold Reliance but are skipping the Rights ! Don’t […] [...]

 Wealth is negotiable, Health is not Your Personal Well Being is more important that the Stock Market Well Being ~ Always & more so in this unfathomable ongoing Covid-19 Reality Above’s a three minute reach out by me last night to all connected with me to reinforce this .It’s also posted on Facebook , […] [...]

Yes Bank ~ Has the RBI & MOF lost it !? SEBI really is a bystander here Controversial Lock In Clause 3 Sub Clause 8 (a) in the Scheme of Reconstruction  No wonder the Finance Minister Mrs Nirmala Sitharaman, while highlighting only selected points, even when asked for details of the Scheme,did not want to […] [...]