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MUMBAI: The Reserve Bank of India (RBI) has imposed a penalty of ₹31.80 lakh on YES Bank for failing to comply with ‘Know Your Customer’ (KYC) regulations.
The RBI noted that YES Bank did not establish a system to utilize the KYC Identifier assigned by the Central KYC Records Registry for creating account-based relationships with customers.
Previously, the RBI conducted a statutory inspection of the bank to evaluate its financial status as of March 31, 2025.
Additionally, a fine of ₹1.8 lakh was imposed on Hinduja Housing Finance Ltd for non-compliance with certain governance-related directives issued by the RBI.
This revised version maintains the core information while enhancing clarity and readability.
