BANKING & FINANCE
RBI
RBI Slaps Monetary Penalties on YES Bank and Hinduja Housing Finance
YES Bank has been fined ₹31.80 lakh by the RBI for violating KYC (Know Your Customer) norms.
Specifically, the bank failed to implement the required 'KYC Identifier' system, which uses a unique 14-digit number for account-based relationships.
Additionally, Hinduja Housing Finance was penalized ₹1.80 lakh for non-compliance with governance directions under the National Housing Bank Act, 1987.
Impact: These penalties underscore the RBI's strict stance on regulatory compliance and the integrity of customer identification processes.
Specifically, the bank failed to implement the required 'KYC Identifier' system, which uses a unique 14-digit number for account-based relationships.
Additionally, Hinduja Housing Finance was penalized ₹1.80 lakh for non-compliance with governance directions under the National Housing Bank Act, 1987.
Impact: These penalties underscore the RBI's strict stance on regulatory compliance and the integrity of customer identification processes.
Key Facts / Static GK
KYC Identifier: A unique 14-digit number assigned by Central KYC Records Registry
Penal Authority: Reserve Bank of India (RBI)
RBI Governor: Shaktikanta Das (as per current records)
Act for Housing Finance: National Housing Bank Act, 1987
Penal Authority: Reserve Bank of India (RBI)
RBI Governor: Shaktikanta Das (as per current records)
Act for Housing Finance: National Housing Bank Act, 1987
Practice Quiz — 11 May 2026
Q1. Regarding the Jan Suraksha schemes, which of the following statements is/are correct as of May 2026?
Answer: (B) The Pradhan Mantri Suraksha Bima Yojana (PMSBY) has recorded the highest enrolments among the three. — Statement B is correct as PMSBY has 58.09 crore enrolments. Statement A is incorrect (launched in 2015). Statement C is incorrect (APY entry age is 18-40). Statement D is incorrect (PMJJBY coverage is ₹2 lakh).
Q2. Where will the new GaN-based semiconductor fabrication facility by Crystal Matrix Ltd be located?
Answer: (C) Dholera, Gujarat — Crystal Matrix Ltd will set up its GaN (Gallium Nitride) based semiconductor fabrication facility in Dholera, Gujarat.
Q3. What is the new Fair and Remunerative Price (FRP) for sugarcane approved for the 2026-27 season?
Answer: (D) ₹365 per quintal — The CCEA has approved a new FRP of ₹365 per quintal for the 2026-27 season, up from ₹355.
Q4. Which of the following represents the '5F' vision under the newly launched Mission for Cotton Productivity?
Answer: (A) Farm, Fibre, Factory, Fashion, Foreign — The 5F vision stands for Farm → Fibre → Factory → Fashion → Foreign.
Q5. What is the maximum credit guarantee percentage provided to MSMEs under the ECLGS 5.0 scheme?
Answer: (E) 100% — Under ECLGS 5.0, MSMEs are eligible for a 100% credit guarantee, while non-MSMEs and airlines receive a 90% guarantee.
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