The Reserve Bank of India (RBI) has imposed a fine of Rs 1.74 crore on HSBC for violation of rules relating to submission of information to the country’s credit information bureaux.

The central bank slapped the penalty on HSBC citing "deficiencies in regulatory compliance".

The Hongkong and Shanghai Banking Corporation Ltd (HSBC) furnished incorrect credit information in respect of a number of expired credit cards with nil dues to all four credit information companies, the apex bank said.

“The examination of the Risk Assessment Report and all related correspondences pertaining to the same revealed, inter alia, contravention of the aforesaid rules by the bank to the extent that it furnished incorrect credit information in respect of a number of expired credit cards with nil dues, to all the four Credit Information Companies," the RBI release said.

The RBI conducted the Statutory Inspection for Supervisory Evaluation (lSE) of the bank with reference to its financial position as on March 31, 2021.

“The examination of the Risk Assessment Report and all related correspondences pertaining to the same revealed, inter alia, contravention of the aforesaid rules by the bank," the central bank said.