REGULATORY · INDIA

RBI fines HSBC for unclaimed-deposit compliance lapses

The420
Change
RBI imposed a ₹31.8 lakh penalty on HSBC for non-compliance in managing inoperative accounts and unclaimed deposits.
RBI fines HSBC for unclaimed-deposit compliance lapses
Why it matters
RBI's inspection found HSBC lacked a searchable unclaimed-deposits database and failed to assign mandatory Unclaimed Deposits Reference Numbers (UDRNs), and it levied a ₹31.8 lakh penalty. This forces HSBC to remediate traceability gaps (website database and UDRN processes) and makes further regulatory action more likely if deficiencies persist.
Implications · Who is affected · What to watch

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Source

The420

Topics

Regulatory & Compliance Regulatory Actions Compliance Banking Regulation

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