The Reserve Bank of India has imposed a fine of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliance found in the auto loan portfolio of the bank. As per the RBI, HDFC Bank has violated the provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949.
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After receiving a complaint from a whistleblower, RBI conducted an examination in the marketing and sale of third-party non-financial products to the bank’s auto loan customers and found that the bank was in contravention of regulatory directions. RBI has imposed the monetary penalty in the exercise of powers vested by the central bank under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act.
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