Mumbai: The Reserve Bank of India (RBI) on Friday imposed a penalty of Rs 10 crore on HDFC Bank Limited for violating provisions of section 6 (2) and section 8 of Banking Regulation Act, 1949.
RBI explained that its action is based on deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or an agreement entered into by the bank with its customers, reported NDTV Profit.
According to RBI’s statement, following a whistle blower’s complaint regarding irregularities in the bank’s auto loan portfolio, the central bank examined documents in matters of marketing and sale of third-party non-financial products to the bank’s customers. The probe revealed violation of the above-mentioned provisions of the Banking Regulation Act.
Mumbai: Bollywood celebrities have often had funny, at times bizarre experiences, mostly involving hero-worshipping, demanding fans.…
Bhubaneswar: Police have arrested the owner of a Jatra (theatre) group for allegedly duping an…
Sanskriti Talwar Faridkot (Punjab): For the third consecutive year, Balwinder Singh of Mallan village in…
Bhubaneswar: Rain may play spoilsport in Christmas and New Year celebrations in Odisha as the…
New Delhi: Netflix showed the way, Amazon Prime Video is following in their footsteps. Come…
Hyderabad: Allu Arjun’s woes keep mounting. In a worrying development, protesters stormed Allu Arjun’s Jubilee…
This website uses cookies.