RBI Penalty: RBI has imposed a fine of Rs 66.6 lakh on the Hong Kong and Shanghai Banking Corporation Limited. Apart from this, a fine of Rs 33.1 lakh has been imposed on IIFL Samasta Finance Limited.

RBI Penalty: The Reserve Bank of India has imposed a fine of Rs 66.6 lakh on Hong Kong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with instructions related to ‘Know Your Customer’ (KYC) and ‘Interest Rates on Deposits. ’ Apart from this, IIFL Samasta Finance Limited has also been fined Rs 33.1 lakh for not complying with certain provisions of ‘Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Accepting Company (Reserve Bank) Directions, 2016’ and Know Your Customer (KYC) instructions.

In both cases, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Personal loans slowed to 14.2% in January

Personal loan growth slowed to 14.2 per cent in the fortnight ended January 24, 2025. The main reason for this slowdown is the weak disbursement of auto loans and credit card dues. The Reserve Bank of India (RBI) gave this information in a report released on Friday. RBI has prepared the report based on data collected from 41 select commercial banks regarding regional allocation of bank loans.

RBI said that non-food bank credit grew 12.5 per cent on an annual basis till the fortnight ended January 24, 2025, while it was 16.2 per cent in the same fortnight last year. According to the report, the personal loan segment registered a growth of 14.2 per cent in loans till the fortnight ended January 24, 2025, while it was 18.2 per cent a year ago. The main reason for this was the decline in growth rate in ‘other personal loans’, ‘auto loans’ and ‘credit card dues’ segments.

It further said that loans for agriculture and allied activities registered a growth of 12.2 per cent till the fortnight ended January 24, 2025, as against 20 per cent for the same fortnight last year. Bank loans to industry registered a growth of 8.2 per cent till this fortnight, as against 7.5 per cent in the same fortnight last year.