The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 Crore on HDFC Bank for Contravention of the Banking Regulation Act, 1949.
As irregularities in the auto loan portfolio of the bank revealed, after an examination of documents in the matter of marketing and sale of third-party non-financial products to the bank’s customers.
However, this action is based on deficiency in regulatory compliances which is not intended to pronounce upon the validity of a transaction or agreement entered into by the bank with its customer.
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