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.
