RBI Imposes Rs 1.73 Crore Penalty On HSBC Bank – The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.73 crore on the Hongkong and Shanghai Banking Corporation Ltd (HSBC Bank) due to violating the Credit Information Companies Rules, 2006. HSBC Bank was accused by RBI of providing incorrect information about its credit cards to credit information companies.
- As per the RBI, HSBC Bank violated the CIC Rules by providing incorrect information about its zero-balance credit cards to four credit information companies.
- The Bank provided the wrong information about its expired credit cards.
- Due to this, The RBI imposed a hefty fine of Rs 1.73 crore on the bank for violating its rules.
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