Rs 1 crore penalty imposed on HDFC Bank by RBI

The Reserve Bank of India has imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance of master directions of KYC directions. The bank failed to undertake on‐going due diligence in the case of 39 current accounts opened for bidding in Initial Public Offer. It was observed that the transactions effected in these current accounts were disproportionate to the declared income and profile of the customers.

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