The Reserve Bank of India (RBI) has imposed a ₹1 crore penalty on private sector lender HDFC Bank for violating know your customer (KYC) and anti-money laundering (AML) norms, the central bank said on Tuesday.
“RBI had received a reference from customs’ authorities regarding submission of forged bill of entries (BoEs) by certain importers to the bank for remittance of foreign currency,” the RBI said.
The central bank added that the examination in this regard revealed violations of the RBI directions on KYC/AML norms and on reporting of frauds.
“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the banking regulator added.