RBI Action on HSBC Bank: A bank has been penalized once more by the Reserve Bank of India (RBI) for breaking its rules. In the most recent case, HSBC Bank has been fined Rs 1.73 crore for disregarding the Credit Data Organization Rules 2006 (CIC Rules). The national bank has blamed the bank for giving inaccurate data about its Visas to credit data organizations.
The RBI’s investigation has revealed that the bank also provided incorrect information regarding its expired credit cards. The specifics of the RBI’s action against HSBC Bank and the penalties imposed on other cooperative banks will be discussed in this article.
HSBC Bank fined for giving incorrectly data about Mastercards:
As per the RBI, HSBC Bank has abused the CIC Rules by giving inaccurate data about its zero balance credit cards to four credit data organizations. Additionally, the bank has provided false information regarding its expired credit cards. The bank has been fined a hefty Rs 1.73 crore by the RBI for breaking its rules.
According to an RBI inspection, HSBC Bank violates credit card regulations:
As part of its surveillance investigation, the RBI had examined the financial situation of HSBC Bank up until March 31, 2021. Numerous of the RBI’s credit card regulations are not being followed by the bank, according to the inspection.
The RBI has sent HSBC Bank a show cause notice asking why it did not provide accurate information in accordance with the CIC Rules.
Agreeable banks additionally face punishments:
The RBI has penalized two cooperative banks for breaking its rules, in addition to HSBC Bank. The Trichur Urban Cooperative Bank Limited Restricted has been fined Rs 2 lakh for overlooking the standards connected with gold credits.
The Bhilai Nagarik Sahakari Bank has been fined Rs 1.25 lakh for not storing cash on time in the Depositor Education and Awareness Fund Scheme (DEAF Scheme) for unclaimed deposits. for unclaimed deposits.
