HSBC - Indian Regulators Do What US Regulators Should
In breaking news from New Delhi India it was announced that the investigative arm of India’s anti-monopoly watchdog has recommended action against HSBC for making false promises to credit card customers and violating the RBI guidelines.
Specifically HSBC has been accused of processing payments late and allegedly delaying delivery of bills. With a track record of doing so in the United States since 1994, it is time for Federal and State regulators to take the same action against HSBC and HSBC’s former Household International unit, HSBC Finance Corporation. In fact such action is long overdue.
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