Current Affairs - Banking - Discussion

HSBC faced a monetary penalty of ₹31.80 lakh imposed by the Reserve Bank of India due to deficiencies in regulatory compliance. The bank failed to maintain a searchable database of unclaimed deposits on its official website and did not generate or assign the Unclaimed Deposits Reference Number (UDRN) for certain deposits transferred to the Depositor Education and Awareness Fund. These lapses were identified during a statutory inspection of its financial position as of March 31, 2025. The penalty highlights the importance of adhering to RBI guidelines and maintaining transparency in banking operations.