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RBI fines HDFC Bank Rs 1 crore over KYC

Date: 19-06-2019
Subject: RBI fines HDFC Bank Rs 1 crore over KYC
MUMBAI: The RBI  on Tuesday fined the country's largest private sector lender HDFC Bank  Rs 1 crore for not reporting fraud , and non-compliance with other directions. The fine pertains to submission of forged bills of entry (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the banking regulator said.

Examination in this regard revealed violations of RBI directions on 'KYC/AML norms' and on reporting of frauds," the RBI said. In a statement to exchanges, HDFC Bank said it has "taken necessary measures to strengthen its internal control mechanisms so as to ensure that such incidents do not recur".

Source: timesofindia.indiatimes.com

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