Reserve Bank imposes Rs 10 crore penalty on HDFC Bank
Mumbai, May 28: The Reserve Bank 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 Reserve Bank of India (RBI) said it has imposed a monetary penalty of Rs 10 crore on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, 1949.
The apex bank said an examination of documents in the matter of marketing and sale of third-party non-financial products to the bank's customers, arising from a whistleblower complaint to it regarding irregularities in the auto loan portfolio of the bank, revealed contravention of the provisions of the Act and the regulatory directions.
In furtherance to the same, RBI said a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for the contraventions.
After considering the bank's reply to the show cause notice, oral submissions made during the personal hearing and examination of further clarifications/ documents furnished by the bank, RBI came to the conclusion that the contraventions were "substantiated and warranted imposition of monetary penalty", the statement said.
RBI also made it clear that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by HDFC Bank with its customers.
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Barber held for beating man to death over 'bidi' in east Delhi
New Delhi (PTI): A 32-year-old barber was arrested on Wednesday for allegedly beating a man to death following an altercation over a 'bidi' in east Delhi's Pandav Nagar area, police said.
A call regarding the incident that occurred near the bus stand road in Shashi Garden was received at 1.24 am, they said.
The victim was identified as Deepak (28), while the accused was Manoj, he added.
According to the police, during an argument, the accused picked up a wooden stick lying nearby and struck the victim repeatedly on the head. Multiple injuries and bruise marks were also found on the victim's forehead.
"Deepak was taken to Lal Bahadur Shastri Hospital, but doctors declared him brought dead," an officer said.
An FIR has been registered and further investigation is underway, the officer added.
