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RBI fines HDFC Bank Rs 1 crore for violation of KYC norms

Wednesday, June 19, 2019, 10:31 AM

The Reserve Bank of India has fined HDFC Bank Rs.1 crore for non-compliance with the central bank's norms on 'know your customer (KYC)/anti-money laundering (AML)' and 'reporting of frauds'. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.
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This Year's Monsoon Records Slowest Pace in 12 Years

Wednesday, June 19, 2019, 10:24 AM

In 12 years, this year's monsoon has recorded the slowest pace so far, a source report noted after analysing Met department records. This year, monsoon has so far been able to reach only 10-15 percent of the country. As far as the past years are concerned, nearly two-thirds of India was receiving rains by this time of the year.
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GST on electric vehicles may be reduced to 5%

Wednesday, June 19, 2019, 9:42 AM

India may cut the GST on electric vehicles to 5% from 12% to provide a stimulus to the sector that's a high-priority for the Modi government. The GST Council is set to take-up the proposal at its June-20 meeting, said a senior government official aware of the development. "There is a proposal to cut tax rates on EVs among other issues," the official told.

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