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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
In an important development in the banking sector, the Government of India has extended the…
In a major endorsement of India’s digital payments ecosystem, Google has launched its first-ever credit…
The Global Investment Risk and Resilience Index 2025, released by Henley & Partners in collaboration…
Multinational corporations continue to dominate the global economy, and the 2025 Hurun Global 1000 Report…
Many countries around the world are known for their beautiful islands, which attract travellers, nature…
Every year, people around the world decorate Christmas trees with lights, ornaments, stars, and colorful…