← Latest news 
RBI slaps penalties on YES Bank and Hinduja Housing Finance for KYC lapses
Business
Published on 8 May 2026
The regulator flagged a missing KYC identifier system
The RBI has imposed penalties on YES Bank and Hinduja Housing Finance, citing failures in implementing a system to use the KYC Identifier issued by the Central KYC Records Registry. The regulator said the banks did not put the required mechanism in place for establishing account-based customer relationships, triggering enforcement action over compliance lapses.
- RBI penalised YES Bank and Hinduja Housing Finance
- KYC Identifier from CKYC was not properly used
- Action followed failures in setting up required systems
- Account-based customer onboarding faced compliance issues
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times