Question

In the RBI penalty case, which of the following violations led to the penalty imposed on IndusInd Bank?

A Non-compliance in PAN verification Correct Answer Incorrect Answer
B Failure to issue Unique Customer Identification Code Correct Answer Incorrect Answer
C Opening savings deposit accounts for ineligible entities Correct Answer Incorrect Answer
D Incorrect foreign exchange transactions Correct Answer Incorrect Answer
E Violation of KYC norms Correct Answer Incorrect Answer

Solution

IndusInd Bank was penalized by the RBI for violating regulations by opening savings deposit accounts in the name of ineligible entities, as discovered during the RBI’s statutory inspection.

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