What was the primary reason for the ₹75 lakh penalty imposed on HDFC Bank by the Reserve Bank of India (RBI)?
Non-compliance with Know Your Customer (KYC) norms
Why in the news?
"RBI Penalizes HDFC Bank, Punjab & Sind Bank, and KLM Axiva Finvest for Regulatory Non-Compliance"
The Reserve Bank of India (RBI) imposed a ₹75 lakh penalty on HDFC Bank due to deficiencies in regulatory compliance, specifically related to Know Your Customer (KYC) norms. The bank failed to follow RBI’s guidelines on customer identification and record-keeping.
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