New Enroll in RBI Gr B 2025 Exclusive New Batch on March 18

    Question

    What was the primary reason for RBI imposing a ₹29.60

    lakh penalty on The Hongkong and Shanghai Banking Corporation Limited?
    A Non-compliance with RBI's asset classification norms Correct Answer Incorrect Answer
    B Non-compliance with RBI directions on credit, debit, and prepaid card operations Correct Answer Incorrect Answer
    C Failure to maintain minimum capital requirements Correct Answer Incorrect Answer
    D Engaging in fraudulent transactions Correct Answer Incorrect Answer
    E Providing incorrect financial statements Correct Answer Incorrect Answer

    Solution

    The penalty was imposed due to non-compliance with RBI Directions, 2022 on card issuance and conduct, specifically for not ensuring no negative amortization in Minimum Payment Due for certain credit card accounts.

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