Categories: Banking

RBI imposes Rs 10 crore penalty on HDFC Bank

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.

Important takeaways for all competitive exams:

Headquarters of HDFC Bank: Mumbai, Maharashtra;
MD and CEO of HDFC Bank: Sashidhar Jagdishan;
The tagline of HDFC Bank: We understand your world.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.