RBI has imposed a fine of Rs 10 crore on the country’s largest private bank HDFC Bank.
Mumbai. The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on the country’s largest private bank HDFC Bank. This penalty has been imposed for violation of the provisions of Section 6(2) and Section 8 of the Banking Regulation Act.
Reserve Bank of India imposes a penalty of Rs 10 crores on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act). This action is based on deficiencies in regulatory compliance. pic.twitter.com/xJv5imltWM
– ANI (@ANI) May 28, 2021
The Reserve Bank issued a statement saying that several whistleblower complaints were found regarding the auto loan portfolio of the bank. In the investigation of which many irregularities were found.