RBI fines Hongkong and Shanghai Banking Corp INR 6.66 mln
This story was originally published at 19:04 IST on 28 February 2025
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MUMBAI – The Reserve Bank of India on Friday said it had imposed a fine of INR 6.66 million on The Hongkong and Shanghai Banking Corp. for multiple infringements. The Indian central bank said it had ordered the fine on Monday after a statutory inspection of the bank's financial position as at the end of 2022-23 (Apr-Mar) revealed several non-compliances.
According to the RBI, the bank outsourced the disposal or closure of anti-money laundering alerts to a group company and did not report unhedged foreign currency exposures of certain borrowers to credit information companies. The lender also opened savings deposit accounts in the name of certain ineligible entities, the RBI said. End
Reported by Siddharth Upasani
Edited by Ashish Shirke
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