Mumbai: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank (HDFC Bank), the country’s largest private bank. This penalty is imposed for violation of the provisions of Section 6 (2) and Section 8 of the Banking Regulation Act. The central bank said that this action has been taken due to irregularities in regulatory compliance.
The Reserve Bank issued a statement saying that several whistleblower complaints were found regarding the bank’s auto loan portfolio. The investigation of which found many irregularities.
Recently, RBI imposed a fine of Rs 3 crore on ICICI Bank, in the same time, RBI imposed a fine of Rs 3 crore on ICICI Bank. The Reserve Bank said in a statement that the penalty was imposed on July 1, 2015 for violation of the mandatory guidelines issued by Master Circulation- Prudential Norm for Classification Valuation and Operation of Investment Portfolio by Bax. The central bank had said that this action has been taken due to irregularities in regulatory compliance.
The Reserve Bank has imposed a fine on the Co-operative Bank of Maharashtra
Recently, the Reserve Bank of India took a penalty action against a cooperative bank in Maharashtra for violating the rules. The RBI had said that Priyadarshini Mahila Nagari Sahakari Bank (Priyadarshini Mahila Nagari Sahakari Bank) has been fined Rs 1 lakh for not following certain instructions issued under the Supervisory Action Framework (SAF). The central bank had stated that under the Banking Regulation Act, 1949, Section-47A (1) (C) has been fined under the rights granted to RBI for reading along with Section-46 (4) (I).