📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    What was the primary reason for RBI imposing a ₹29.60

    lakh penalty on The Hongkong and Shanghai Banking Corporation Limited?
    A Non-compliance with RBI's asset classification norms Correct Answer Incorrect Answer
    B Non-compliance with RBI directions on credit, debit, and prepaid card operations Correct Answer Incorrect Answer
    C Failure to maintain minimum capital requirements Correct Answer Incorrect Answer
    D Engaging in fraudulent transactions Correct Answer Incorrect Answer
    E Providing incorrect financial statements Correct Answer Incorrect Answer

    Solution

    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.

    Practice Next
    More Previous Year Paper Questions

    Relevant for Exams:

    ask-question