 "HDFC Bank")
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on country’s largest private sector lender HDFC Bank for violating regulatory compliance in auto loan portfolio.
The RBI in its statement said, upon examining the documents in the matter of marketing and sale of third-party non-financial products to the banks’ customers, it found that the bank was in contravention of the provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949.
The RBI acted on the matter after it received a whistleblower complaint regarding the irregularities in the auto loan portfolio of
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