RBI slaps Rs 10 crore penalty on HDFC Bank over irregularities in auto loan biz

The RBI said it levied the penalty on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The penalty has been slapped after examining a complaint by a whistleblower regarding irregularities in the auto loan portfolio of the lender. The order imposing the fine was issued on May 27. In a statement on Friday, the RBI said it has levied a monetary penalty of Rs 10 crore on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, 1949.