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    Question

    Which bank was penalized by RBI for offering gifts in

    the form of paying first-year life insurance premiums on certain deposits and contacting customers outside the 7 PM to 7 AM window?
    A Axis Bank Correct Answer Incorrect Answer
    B ICICI Bank Correct Answer Incorrect Answer
    C HDFC Bank Correct Answer Incorrect Answer
    D SBI Correct Answer Incorrect Answer
    E Bank of Baroda Correct Answer Incorrect Answer

    Solution

    RBI imposed a penalty on HDFC Bank for violating its regulations regarding customer outreach timings and offering gifts related to life insurance premiums. This was seen as a violation of fair market practices by the bank.

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