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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PM instructs armed forces that response to every action by Pak should be more forceful: Govt sources
New Delhi, May 11 (PTI): There is a new normal in India's response to cross-border terrorism, with Prime Minister Narendra Modi instructing the armed forces that the country's response to every action by Pakistan should be more forceful, government sources said on Sunday.
Following Operation Sindoor, Prime Minister Modi told the armed forces that bullets must be responded to by artillery (Wahan se goli chalegi, toh yahan se gola chalega), the sources said.
They said Operation Sindoor is not concluded and there is a new normal in India's response to cross-border terrorism. The cost of cross-border terrorism will be raised, and Pakistan can't continue with terrorism while expecting cooperation in areas of its choosing.
They also said that India will never accept mediation in the Kashmir issue and the only matter to discuss is Pakistan returning the territory which is under its illegal occupation
Foreign Secretary Vikram Misri on Saturday evening announced that India and Pakistan reached an understanding to stop all firings and military actions on land, air and sea, with immediate effect, after four days of intense cross-border drone and missile strikes.
The development was first announced by US President Donald Trump, who claimed that the two countries had agreed to a "full and immediate ceasefire" after US mediation.
In a statement, US Secretary of State Marco Rubio said he was "pleased to announce the Governments of India and Pakistan have agreed to an immediate ceasefire and to start talks on a broad set of issues at a neutral site".
The only matter related to Kashmir to discuss is Pakistan returning territory under its illegal occupation, Government sources asserted on Sunday.
They made it clear that the Indus Waters Treaty will be in abeyance as long as terrorism sponsored by Pakistan against India continues.
Only talks with Pakistan will be through the Director General of Military Operations (DGMOs). There is no other issue to discuss, the sources said.
India's position after the May 7 strikes on terror infrastructure was that if Pakistan fires, India will respond more forcefully, they said, adding it was the Pakistani DGMO who reached out to the Indian DGMO on May 10 to de-escalate situation
After the Pahalgam attack, India had told countries that reached out to New Delhi it would hit terror infrastructure in Pakistan territories.
After the May 7 strikes, every Pakistani action was dealt with very firmly, the sources said.
