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.
Surat: Konark Suryas Odisha (KSO) are bracing up for their next challenge in the Legends…
Bhubaneswar: Cockroach omelette! How repulsive does that sound? Imagine the plight of the Air India…
Bargarh: A man was allegedly hacked to death over old rivalry in Odisha's Bargarh district…
Bhubaneswar: Ollywood superstar Sabyasachi Mishra has put on nearly 25 kg for his upcoming film…
Berhampur: To enhance workforce skills and ensure meter integrity, TP Southern Odisha Distribution Limited (TPSODL)…
Bhubaneswar: The nursing staff of government hospitals in Odisha have agreed to call off their…
New Delhi: Union Agriculture & Farmers Welfare Minister Shivraj Singh Chouhan on Saturday laid the…
New Delhi: As Israel continued their attacks on Lebanon for the fifth day, they managed to…