Mumbai, Oct 3 (PTI) The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 31.80 lakh on American Express Banking Corp for non-compliance with certain directions on ‘Credit Card and Debit Card – Issuance and Conduct’.

The central bank has also imposed a penalty of Rs 4.2 lakh on HDB Financial Services for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC) Directions, 2016’.

In a statement, the RBI said it conducted a statutory inspection for supervisory evaluation (ISE 2024) of American Express Banking Corp with reference to its financial position as on March 31, 2024.

Based on the supervisory findings of non-compliance with RBI directions and related correspondence, a show cause notice was issued.

After considering the

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