RBI Imposes Rs 1.73 Crore Penalty On HSBC Bank
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.73 crore on the Hongkong and Shanghai Banking Corporation Ltd (HSBC Bank) for violating the Credit Information Companies Rules, 2006. The RBI stated that during their examination of the Risk Assessment Report and all related correspondences pertaining to the same, it was discovered that the bank had breached the aforementioned rules.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
● HSBC had provided inaccurate credit information on various expired credit cards with nil dues to all four Credit Information Companies.
● Consequently, a notice had been issued to the bank advising them to demonstrate why the penalty should not be imposed for contravening the said provisions of CIC Rules, as stated therein.
● Further, after examining the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI arrived at the conclusion that the charge of contravention of the above-mentioned CIC Rules had been substantiated and warranted the imposition of a monetary penalty.
The RBI clarified that this action was intended solely to address deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Also Read:
The Indian Space Research Organization (ISRO) has announced that its LVM3-M6 mission will be launched…
Rivers and freshwater areas are home to many powerful and unique animals. Some of them…
An important reform aimed at strengthening India’s banking system the Central Board of Directors of…
The Postgraduate Institute of Medical Education and Research (PGIMER) Chandigarh, has once again emerged as…
Light is all around us, and it is made up of many different colours. Each…
To strengthening rural banking in India the Ministry of Finance has unveiled a new common…