RBI impose penalty of 10 crores on HDFC Bank towards forcing auto loan cuy to buy GPS device.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank Limited for violation of certain rules, the central bank said on May 28.This 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 the bank with its customers, the RBI 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 whistle blower…