The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 crore on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act), an order dated 27 May stated. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Act, the statement further said. The central bank said irregularities were found after examination of whistleblower complaint with respect to the bank's auto loan portfolio. It added: "In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the Act/directions." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Source: Mint May 28, 2021 14:00 UTC