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RBI imposes Rs 29.6 lakh penalty on HSBC

Photo for representation. File photo

Mumbai, June 28

The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards.

The penalty has been imposed on HSBC for non-compliance with certain directions issued by Reserve Bank of India (RBI) on ‘Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks’, the central bank said in a statement.

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