Hongkong and Shanghai Banking Corporation Limited

RBI has imposed a monetary penalty of Rs 31.80 lakh on The Hongkong and Shanghai Banking Corporation Limited. The penalty was for non-compliance with directions on inoperative accounts and unclaimed deposits.

The bank must bear the monetary penalty and address the compliance gaps identified by RBI. Forward-lookingly, it remains subject to RBI supervision and may face additional action if similar deficiencies persist. The issues concern transparency and tracking of unclaimed deposits, affecting depositors whose funds are classified as unclaimed and transferred to the DEA Fund.

• section 47 A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty of ₹66.60 lakh on The Hongkong and Shanghai Banking Corporation Limited. The penalty was for non-compliance with KYC, reporting, and deposit-account directions.

The bank must absorb the monetary penalty and remain exposed to any further supervisory or enforcement action RBI may choose to initiate. The release does not order an operational restriction, but it signals continued compliance expectations around KYC/AML, CIC reporting, and deposit-account eligibility.

• Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949
• Section 25 (1) (iii) read with Section 23 (4) of The Credit Information Companies (Regulation) Act, 2005

RBI has imposed a monetary penalty of Rs 29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited. The bank was penalized for non-compliance with RBI directions on card operations, including an issue in computing Minimum Payment Due in certain credit card accounts.

The bank must absorb the monetary penalty and continue complying with RBI’s card-operation directions. The release does not impose any fresh operational restriction, but it signals ongoing supervisory scrutiny over credit card conduct and compliance processes affecting card customers.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

RBI imposed a monetary penalty on The Hongkong and Shanghai Banking Corporation Limited for violating credit information reporting rules. The bank had reported incorrect information on expired credit cards with nil dues to all four credit information companies.

The bank must absorb the monetary penalty and the finding of non-compliance on credit information reporting. The release does not impose a continuing operational restriction, but it signals regulatory scrutiny over reporting accuracy to credit information companies.

• Rule 20(1) of Credit Information Companies Rules, 2006
• section 25 (1) (iii) read with section 23 (4) of Credit Information Companies (Regulation) Act, 2005

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on two authorised dealer banks for FEMA reporting requirement violations. The named banks are The Hongkong and Shanghai Banking Corporation Ltd. and Kotak Mahindra Bank.

Both banks must absorb the monetary penalties and continue complying with RBI/FEMA reporting instructions. The order does not describe any operational restriction beyond the fines, but it signals regulatory non-compliance in reporting obligations.

• section 11(3) of FEMA 1999

This RBI action affected 2 entities. This profile is linked as primary.

RBI imposed monetary penalties on 19 commercial banks for violating its derivatives-related instructions. The banks were found to have failed on due diligence, suitability checks, and related verification requirements.

Each of the 19 named banks must absorb the monetary penalty and address the compliance gaps identified by RBI. The action does not impose an ongoing operational restriction, but it signals scrutiny over derivatives sales, suitability checks, and underlying verification controls.

• Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 19 entities. This profile is linked as bulk member.