RBI fines HSBC ₹31.80 lakh for non-compliance with deposit norms

Mumbai, Mar 20, 2026

Central bank penalises HSBC for non-compliance with norms on unclaimed deposits, including failure to maintain database and assign reference numbers

The Reserve Bank of India (RBI) on Friday imposed a Rs 31.80 lakh penalty on HSBC, citing non-compliance with norms.

Based on the statutory inspection for supervisory evaluation of the bank, with reference to its financial position as on March 31, 2025, the bank did not host a searchable database of unclaimed deposits on its website and did not generate and assign Unclaimed Deposits Reference Number (UDRN) to certain unclaimed deposits transferred to the “Depositor Education and Awareness” (DEA) Fund.

The action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, the imposition of a monetary penalty is without prejudice to any other action that may be initiated by the RBI against the bank.

[The Business Standard]