RBI imposes a penalty of INR 29.6 lakh on HSBC for non-compliance with card directions.
RBI imposes INR 29.6 lakh penalty on HSBC for non-compliance with card directions. The penalty is due to HSBC's failure to ensure no negative amortisation while computing Minimum Payment Due in certain credit card accounts, as per RBI's directions. The RBI's penalty is based on deficiencies in statutory and regulatory compliance and does not impact the validity of transactions or agreements with customers.
June 28, 2024
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