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Informist, Tuesday, Sep 10, 2024

--RBI imposes 10-mln-rupee penalty on HDFC Bank 

--RBI: Penalised HDFC Bk for non-compliance with deposit rate norms 

--RBI: Penalised HDFC Bk for non-compliance with recovery agent norms 

MUMBAI – The Reserve Bank of India has imposed a penalty of 10 mln rupees on HDFC Bank for non-compliance with guidelines pertaining to deposit rates and recovery agents, the central bank said in a press release today.

The fine on the bank was imposed for giving gifts costing more than 250 rupees to depositors at the time of accepting certain deposits, the RBI said. The gifts were in the form of a first-year premium for complimentary life insurance cover.

The central bank also penalised the bank for opening certain savings deposit accounts in the name of ineligible entities and failure to ensure that customers are not contacted after 1900 IST and before 0700 IST, the RBI said.

The penalty was imposed on the bank after considering its responses to show-cause notices, the RBI said. Today, shares of HDFC Bank closed 0.2% higher at 1,650.35 rupees on the National Stock Exchange.  End

Reported by Christina Titus 

Edited by Avishek Dutta

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