The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 million on HDFC Bank for non‐compliance with various directions issued by RBI on Know Your Customer (KYC)/Anti‐Money Laundering (AML) standards, more specifically those contained in their circulars dated November 29, 2004 and May 22, 2008.
The Bank has since implemented corrective action to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
