Question

    What penalty did the RBI impose on HDFC Bank for

    non-compliance with KYC norms?
    A ₹50 lakh Correct Answer Incorrect Answer
    B ₹100 lakh Correct Answer Incorrect Answer
    C ₹68.2 lakh Correct Answer Incorrect Answer
    D ₹75 lakh Correct Answer Incorrect Answer
    E ₹10 lakh Correct Answer Incorrect Answer

    Solution

    RBI imposed 1 ₹75 lakh penalty on HDFC Bank for violations related to KYC norms, such as failure to classify customers based on risk and issuing multiple customer codes instead of 1 Unique Customer Identification Code (UCIC).

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