On Tuesday fined country’s largest private sector lender HDFC Bank ₹1 crore for not reporting frauds and non-compliance with other directions.
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.
“Examination in this regard revealed violations of RBI directions on ‘KYC/AML norms’ (know your customer/anti-money laundering)and on reporting of frauds,” RBI said on its website.
The RBI, on Wednesday, said it has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding bank guarantees.
The penalty follows references from a government department and a private party alleging non-payment of invoked bank guarantees by the lender, the Reserve Bank said in a statement.