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RBI imposes monetary penalty on HSBC for LRS reporting violations
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Reserve Bank of India imposed a monetary penalty of Rs 36.38 lakh crore HSBC Limited for violation of reporting requirements under the Liberalised Remittance Scheme.
The Reserve Bank found that the violations were substantiated and warranted imposition of penalty even after the banks’ written reply to the show cause notice issued by the regulator.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the Reserve Bank said in a release.
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