RBI imposes Rs 10 crore fine on HDFC Bank – Know why?

Reserve Bank of India imposed penalties on HDFC Bank, India’s largest private bank, to pay Rs 10 crore.

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HDFC’s largest private bank HDFC has been fined Rs 10 crore for violating the provisions of Section 6 (2) and Section 8 of the Banking Rules Act. The reason for this was stated by the RBI – there were many complaints in the bank’s auto loan portfolio, RBI says that HDFC Bank does not follow the rules of auto loan properly.

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HDFC Bank
HDFC Bank disturbed auto loan rules

HDFC Bank does not follow auto loan rules. Money control one It has been told in the report. This action has been taken by the country’s largest bank HDFC Pay RBI due to failure in the transaction or agreement made by HDFC Bank with the customer.