RBI Fines HSBC India ₹31.80 Lakh Over Unclaimed Deposit Lapses
Why in the news
The Reserve Bank of India fined HSBC India for not following rules on dormant accounts and unclaimed money.
Key facts
- Amount and bank: ₹31.80 lakh, HSBC India.
- Law cited: Banking Regulation Act, 1949 (Section 26A).
DEA Fund and UDRN
| Term | Meaning |
|---|---|
| DEA Fund (Depositor Education and Awareness) | RBI-run; takes unclaimed deposits after a set inactive period; funds awareness work |
| UDRN | Unique ID to track unclaimed deposits |
Exam angle
- Section cited: 26A, Banking Regulation Act, 1949; penalty is corrective, not for fraud.
- RBI-managed fund: DEA Fund.