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Reserve Bank of India imposes Rs 10 crore penalty on HDFC Bank

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, the RBI said.

May 28, 2021 / 11:11 PM IST
Representative image  (Image: Moneycontrol)

Representative image (Image: Moneycontrol)

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank Limited for violation of certain rules, the central bank said on May 28.

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, the RBI said.

An examination of documents in the matter of marketing and sale of third-party non-financial products to the bank’s customers, arising from a whistle blower complaint to RBI regarding irregularities in the auto loan portfolio of the bank, revealed contravention of the aforesaid provisions of the Act and the regulatory directions, the RBI said.

HDFC Bank penalty: What is RBI's message to India's largest private lender?