RBI Slaps Rs46.50 Lakh Penalty on American Express Banking, HDB Financial Services and 5 Cooperative Banks

Reserve Bank of India (RBI) has imposed penalties of Rs46.50 lakh on American Express Banking Corp (AEBC), HDB Financial Services Ltd, a non-banking financial company (NBFC) and five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs31.80 lakh has been imposed on AEBC. The other banks penalised by RBI include: Bagalkot District Central Cooperative (DCC) Bank Ltd and Hassan DCC Bank Ltd from Karnataka, Ranuj Nagrik Sahakari Bank Ltd from Gujarat and Vaniyambadi Town Cooperative Bank Ltd from Tamil Nadu. American Express Banking has been penalised for non-compliance with directions issued by RBI under the Credit Card and Debit Card Issuance and Conduct Directions, 2022. A statutory inspection by RBI revealed t