Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹10 million on HDFC Bank Limited by order dated June 13, 2019. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 for non-compliance with RBI directions on Know Your Customer/Anti-Money Laundering norms and on reporting of frauds. RBI noted that its examination, triggered by a customs reference concerning forged bill of entries submitted by certain importers, found violations and that the bank's reply and submissions did not rebut the charges.