RBI imposes Rs 91 lakh penalty on HDFC Bank

MUMBAI: A penalty of Rs 91 lakh has been imposed on HDFC Bank for violating certain provisions of the Banking Regulation Act, RBI said on Friday. The penalty has been imposed on the private sector lender for deficiencies in statutory and regulatory compliance, including those related to Know Your Customer (KYC). RBI said a statutory inspection for supervisory evaluation of the bank was conducted with reference to its financial position as on March 31, 2024, post which a notice was issued.