Question

What was the primary reason for RBI imposing a ₹29.60

Q: Answer-What was the primary reason for RBI imposing a ₹29.60 lakh penalty on The Hongkong and Shanghai Bank...

The penalty was imposed due to non-compliance with RBI Directions, 2022 on card issuance and conduct, specifically for not ensuring no negative amortization in Minimum Payment Due for certain credit card accounts.

lakh penalty on The Hongkong and Shanghai Banking Corporation Limited?

A Non-compliance with RBI's asset classification norms

B Non-compliance with RBI directions on credit, debit, and prepaid card operations

C Failure to maintain minimum capital requirements

D Engaging in fraudulent transactions

E Providing incorrect financial statements

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What was the primary reason for RBI imposing a ₹29.60

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