RBI Imposes Penalties on HSBC, IIFL Samasta, and Cooperative Banks for Regulatory Violations
| Summary/Static | Details |
|---|---|
| Why in the news? | RBI imposes monetary penalties on HSBC, IIFL Samasta Finance, and three cooperative banks for regulatory violations. |
| HSBC | - Fine: ₹66.6 lakh- Violations: KYC breaches, misreporting unhedged foreign currency exposures, opening savings accounts for ineligible entities. |
| IIFL Samasta Finance | - Fine: ₹33.1 lakh- Violations: Charging interest before loan disbursement, NPA misclassification, non-compliance with Unique Customer Identification Code (UCIC) requirement. |
| Bombay Mercantile Cooperative Bank | - Fine: ₹33.3 lakh- Violations: Breach of banking regulations. |
| Lasalgaon Merchants Cooperative Bank | - Fine: ₹1 lakh- Violations: Non-compliance with asset classification norms. |