SEBI REPORT: HDFC BK's prolific customer

 Business Standard is awaiting a response from HDFC Bank. Earlier, the Reserve Bank slapped a Rs 25 lakh fine on HDFC Bank on the same grounds relating to the IPO scam.

The RBI said the fines were for "violation of regulations of KYC norms and for breach of prudent banking practices and for not adhering to its directives/guidelines relating to loans against shares/ IPO".

Other banks fined for KYC violations were  ING Vysya Bank (Rs 10 lakh) and IDBI (Rs 5 lakh). At that point, HDFC Bank did not comment on the matter.