The Reserve Bank of India imposed a penalty of Rs 1 crore on HDFC Bank Ltd. for not complying with its know-your-customer and anti-money laundering norms.
The central bank, in a statement today, said customs authorities had alerted them about certain importers submitting “forged bills of entry” to the bank instead of remitting foreign currency.
This action is based on deficiencies in regulatory compliance and isn't intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.Reserve Bank of India Statement
HDFC Bank also failed to follow the RBI's regulations with regard to reporting of frauds, according to the statement. The penalty, the statement said, was imposed on India's largest private lender after considering its reply, oral and additional submissions.
HDFC Bank, in an exchange filing, said, “The bank has taken necessary measures to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.”
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