{"id":330691,"date":"2024-09-12T18:30:50","date_gmt":"2024-09-12T13:00:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=330691"},"modified":"2024-09-12T17:35:06","modified_gmt":"2024-09-12T12:05:06","slug":"rbi-imposes-penalty-amounting-to-1-crore-on-hdfc-bank-non-compliance-with-directions-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/12\/rbi-imposes-penalty-amounting-to-1-crore-on-hdfc-bank-non-compliance-with-directions-legal-news\/","title":{"rendered":"RBI imposes penalty amounting to Rs. 1 Crore on HDFC Bank Limited for non-compliance with directions"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">By an order dated 03-09-2024, the Reserve Bank of India (&#8216;RBI&#8217;) imposed a penalty of Rs. 1 crore on HDFC Bank Limited (&#8216;HDFC&#8217;) for non-compliance with the directions issued by RBI regarding &#8216;Interest rate on deposits&#8217;, &#8216;Recovery agents engaged by Banks&#8217; and &#8216;Customer service in banks&#8217; read with the Banking Codes and Standards Board of India (&#8216;BCSBI&#8217;) Code and &#8216;Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks&#8217;.<\/p>\n<p style=\"font-weight: bold;\">Background<\/p>\n<p style=\"margin-bottom: 3%;\">A statutory inspection for supervisory evaluation of the financial position of HDFC bank was conducted on 31-03-2022. Based on this, a show cause notice was issued to HDFC bank seeking an answer as to why a penalty should not be imposed for its failure to comply with the above-mentioned directions.<\/p>\n<p>RBI found that the following charges against HDFC bank were sustained:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>HDFC bank gave gifts (in the form of paying first-year premium for the complimentary life insurance cover) costing more than Rs. 250 to the depositors at the time of accepting certain deposits;<\/p>\n<\/li>\n<li>\n<p>HDFC bank opened certain savings deposit accounts in the name of ineligible entities;<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">HDFC failed to ensure that customers are not contacted after 7 PM and before 7 AM.<\/p>\n<\/li>\n<\/ul>\n<p style=\"margin-bottom: 3%;\">Further, RBI clarified that the action taken against HDFC bank was not related to the validity of any transaction or agreement entered into by HDFC bank with its customers.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The penalty imposed was based on deficiencies in statutory and regulatory compliance on behalf of HDFC bank.<\/p>\n","protected":false},"author":67011,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[73060,26354,44285,34616,30681,2611],"class_list":["post-330691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-1-crore","tag-directions","tag-hdfc-bank","tag-monetary-penalty","tag-non-compliance","tag-RBI"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI imposes penalty amounting to Rs. 1 Crore on HDFC Bank 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ROUNDUP SEPTEMBER 2024: New compounding rules under FEMA; Background check of law students mandated; Penalty on Axis bank; and more","author":"Kriti","date":"October 1, 2024","format":false,"excerpt":"BCI mandates criminal background check of law students before issuance of final marksheets and degrees.","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup September 2024","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Legislation-Roundup-September-2024.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Legislation-Roundup-September-2024.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/10\/Legislation-Roundup-September-2024.webp?resize=525%2C300&ssl=1 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Mahalingam (Whole Time Member) imposed a penalty of Rupees One Crore on HDFC Bank for acting in contravention with the interim order passed by SEBI in BRH Wealth Kreators Ltd. On 07-10-2019, SEBI had directed BRH to immediately desist from undertaking any\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217669,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/03\/rbi-imposes-monetary-penalty-on-7-banks-for-non-compliance-with-certain-directions-of-rbi\/","url_meta":{"origin":330691,"position":2},"title":"RBI imposes &#8216;Monetary Penalty&#8217; on 7 Public Sector Banks","author":"Bhumika Indulia","date":"August 3, 2019","format":false,"excerpt":"Reserve Bank of India (RBI) has, by an order dated July 31, 2019, imposed monetary penalty on seven banks for non-compliance with certain provisions of directions issued by RBI on \u201cCode of Conduct for Opening and Operating Current Accounts\u201d, \u201cOpening of Current Accounts by Banks - Need for Discipline\u201d, \u201cDiscounting\/\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":216932,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/16\/reserve-bank-of-india-imposes-monetary-penalty-of-rs-7-crore-on-state-bank-of-india\/","url_meta":{"origin":330691,"position":3},"title":"Reserve Bank of India imposes monetary penalty of Rs 7 crore on State Bank of India","author":"Bhumika Indulia","date":"July 16, 2019","format":false,"excerpt":"Press Release The Reserve Bank of India (RBI) has imposed, by an order dated 15-07-2019, monetary penalty of 70 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms (ii) code of conduct for opening\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":326003,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/08\/rbi-imposes-penalty-of-1-31-crore-on-punjab-national-bank-for-non-compliance-with-directions-legal-news\/","url_meta":{"origin":330691,"position":4},"title":"RBI imposes penalty of Rs. 1.31 Crore on Punjab National Bank for non-compliance of directions on &#8216;Loans and Advances&#8217; and &#8216;KYC&#8217;","author":"Editor","date":"July 8, 2024","format":false,"excerpt":"The Reserve Bank of India imposed monetary penalty on Punjab National Bank due to deficiencies in regulatory compliance.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":286161,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/rbi-imposed-penalty-on-amazon-pay-india-private-limited-for-non-compliance-of-kyc-requirements-reserve-bank-of-india-legal-update-legal-research-legal-news\/","url_meta":{"origin":330691,"position":5},"title":"RBI imposes penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements","author":"Kriti","date":"March 4, 2023","format":false,"excerpt":"On 3-3-2-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements. 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