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RBI imposes Rs 1 crore fine on HDFC Bank for violation of KYC norms

Updated : June 19, 2019 06:49 AM IST

The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said.
The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, it said.
RBI imposes Rs 1 crore fine on HDFC Bank for violation of KYC norms
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