{"id":2533,"date":"2019-06-22T02:39:42","date_gmt":"2019-06-22T02:39:42","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=2533"},"modified":"2019-06-22T02:39:44","modified_gmt":"2019-06-22T02:39:44","slug":"rbi-imposes-rs-1-crore-penalty-on-hdfc-for-violating-its-norms","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/rbi-imposes-rs-1-crore-penalty-on-hdfc-for-violating-its-norms\/","title":{"rendered":"RBI imposes Rs.1 crore penalty on HDFC for violating its norms"},"content":{"rendered":"\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Reserve\nBank of India (RBI)<\/strong> imposed Rs.1 crore penalty<\/strong> on\nprivate sector lender HDFC\nBank<\/strong> for violating know\nyour customer (KYC) and anti-money laundering (AML) norms. <\/strong>The\npenalty was imposed on 18\nJune 2019.<\/strong>

Reason:<\/strong>
\nRBI had received a reference from customs\u2019 authorities<\/strong> regarding\nsubmission of forged\nbill of entries (BoEs)<\/strong> by certain importers to the bank\nfor remittance of\nforeign currency.<\/strong>
\nRBI’s examination revealed the violations of the\nRBI directions on KYC\/AML norms and on reporting of frauds. RBI said that the\npenalties are based on deficiencies in regulatory compliance. Also it is not\nintended to pronounce upon the validity of any transaction or agreement entered\ninto by the banks with their customers.
\nRBI said that a notice was issued to HDFC Bank\non why monetary penalty should not be imposed for non-compliance with the directions<\/strong>.\nThe fine was imposed on HDFC after considering HDFC Bank’s reply, oral\nsubmissions made during the personal hearing and additional submission made.\nRBI imposed the penalty in exercise of powers vested to it under the provisions\nof Section\n47A(1)(c) with Section 46(4)(i) of the Banking Regulation Act, 1949.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of India (RBI) imposed Rs.1 crore penalty on private sector lender HDFC Bank for violating know your customer (KYC) and anti-money laundering (AML) norms. The penalty was imposed on 18 June 2019. Reason: RBI had received a reference from customs\u2019 authorities regarding submission of forged bill of entries (BoEs) by certain importers to the bank for remittance of foreign currency. RBI’s examination revealed the violations of […]<\/p>\n","protected":false},"author":13,"featured_media":2534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[],"class_list":["post-2533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2533"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2533\/revisions"}],"predecessor-version":[{"id":2535,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2533\/revisions\/2535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2534"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}