The Reserve Bank of India (RBI) has imposed a fine of Rs one crore on private sector lender HDFC Bank for violation norms relating to know-your-customer (KYC), anti-money laundering 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,” said the central bank in a statement.