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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

PRIVATE BANKS: OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AXIS BANK LTD.
  OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES

ALLOTTED MULTIPLE CUSTOMER IDENTIFICATION CODES TO SAME CUSTOMERS

OBTAINED COLLATERAL SECURITY FOR AGRICULTURAL LOANS UPTO RS.1.60 LAC IN CERTAIN CASES

A WHOLLY OWNED SUBSIDIARY OF THE BANK UNDERTOOK BUSINESS OF TECHNOLOGY SERVICE PROVIDER, WHICH WAS NOT PERMISSIBLE BUSINESS THAN BE UNDERTAKEN BY A BANKING COMPANY   		IMPOSED PENALTY RS.1,91,00,000

03-SEP-2024 		 
2
History of entity/person BANDHAN BANK LTD.
  OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES   IMPOSED PENALTY RS.29,55,000

04-MAR-2024 		 
3
History of entity/person FEDERAL BANK LTD.,THE
  OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES   IMPOSED PENALTY RS.30,00,000

30-OCT-2023 		 
4
History of entity/person HDFC BANK LTD.
  GAVE GIFTS (IN THE FORM OF PAYING FIRST-YEAR PREMIUM FOR COMPLIMENTARY LIFE INSURANCE COVER) COSTING MORE THAN RS.250 TO THE DEPOSITORS AT THE TIME OF ACCEPTING CERTAIN DEPOSITS

OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES

DID NOT ENSURE THAT CUSTOMERS ARE NOT CONTACTED AFTER 7 PM AND BEFORE 7 AM   		IMPOSED PENALTY RS.1,00,00,000

03-SEP-2024 		 
5
History of entity/person KARNATAKA BANK LTD.,THE
  OPENED SEVERAL SAVINGS DEPOSIT ACCOUNTS IN THE NAME OF INELIGIBLE ENTITIES

DID NOT REVIEW/RENEW CERTAIN LOAN ACCOUNTS WITHIN PRESCRIBED PERIOD AND DID NOT CLASSIFY ACCOUNTS AS NON-PERFORMING ASSETS (NPA)   		IMPOSED PENALTY RS.59,10,000

14-MAY-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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