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      Question

      The RBI penalty on HSBC India was related to

      non-compliance with provisions under which Act?
      A Reserve Bank of India Act, 1934 Correct Answer Incorrect Answer
      B Companies Act, 2013 Correct Answer Incorrect Answer
      C Banking Regulation Act, 1949 Correct Answer Incorrect Answer
      D FEMA, 1999 Correct Answer Incorrect Answer
      E Payment and Settlement Systems Act, 2007 Correct Answer Incorrect Answer

      Solution

      The penalty was imposed for lapses under Section 26A of the Banking Regulation Act, 1949, including failure to maintain a searchable database of unclaimed deposits, non-generation of UDRN, and issues related to deposits transferred to the Depositor Education and Awareness Fund.Β 

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