Reserve Bank Of India Imposes Penalty Of Rs 10 Crore On HDFC Bank

The Reserve Bank of India (RBI) on Friday, May 28, imposed a monetary penalty of Rs 10 crore on HDFC Bank Limited for violation of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act). The central bank said in a statement today that this action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or an agreement entered into by th...