HDFC Fined Rs 10 Cr Over Indulgence In Non-Financial Businesses

The HDFC Bank has been slapped with a monetary penalty of Rs 10 crore by the RBI for alleged irregularities in its vehicle loan division. As per reports, the bank was involved in non-financial businesses as it forcibly sold vehicle-tracking device to customers for four years, causing a breach of the Banking Regulations Act. The matter came into light after a whistleblower made a complaint in this regard in 2020.