RBI fines HDFC Bank and Punjab & Sind Bank over ₹143 lakh for regulatory violations.

The Reserve Bank of India has imposed penalties totaling ₹143.2 lakh on HDFC Bank and Punjab & Sind Bank for regulatory violations. HDFC Bank was fined ₹75 lakh for failing to properly categorize customers and maintain unique identification codes, as per KYC norms. Punjab & Sind Bank was penalized ₹68.20 lakh for not adhering to rules on reporting large credits and financial inclusion. Additionally, KLM Axiva Finvest was fined ₹10 lakh for not following dividend declaration rules. The RBI clarified that these penalties are for regulatory non-compliance and do not affect transaction validity.