On which bank RBI imposed a penalty of Rupees 10 crores for irregularities in the bank auto loan?
HDFC Bank
The Reserve Bank of India has imposed a monetary penalty of ₹10 crore on private sector lender HDFC Bank. This came after the RBI found irregularities based on a whistleblower complaint in the bank’s auto loan portfolio.
On which bank RBI imposes a penalty of Rs 10 lakh?
The penalty on Janalaxmi Co-operative Bank has been imposed for non-compliance with directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Membership of Credit Information Companies (CICs)’.
What amount of monetary penalty has been imposed by RBI on the HDFC Bank?
Rs 10 crore
The Reserve Bank of India (RBI) on 27 May 2021 imposed a monetary penalty of Rs 10 crore on the bank. The penalty has been imposed for marketing / sale of third party non-financial products in contravention of certain provisions of the Banking Regulation Act, 1949.
What is the meaning of auto loan?
An Auto Loan is taken by borrowers to purchase a new or used private or commercial vehicle. Auto loans are secured loans where the vehicle itself is used as a collateral. Lenders fix interest rates depending on the type of vehicle and loan amount. Interest rates are usually fixed for auto loans.
What is bouncing of SGL?
The Reserve Bank of India (RBI) has said that it would slap fine on subsidiary general ledger (SGL) account holders, if they failed to settle transactions in government securities due to insufficient funds and securities. Such defaults are termed as SGL bouncing.
Why did RBI imposes penalty on HDFC?
The Reserve Bank has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The penalty has been slapped after examining a complaint by a whistleblower regarding irregularities in the auto loan portfolio of the lender.
Why did RBI impose ₹ 10 crore penalty on HDFC Bank?
The Reserve Bank of India (RBI) on Friday, May 28, imposed a monetary penalty of ₹ 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).
How much is the penalty for non-compliance of RBI cyber security framework?
RBI imposes Rs 25 lakh penalty on Punjab & Sind Bank for non-compliance with certain provisions of directions on ‘Cyber Security Framework in Banks. Rs. 2Cr: Bank of Baroda.
Which is the best bank in India with Rs 2 crore?
Rs. 2Cr: Bank of Baroda. Rs. 1Cr: Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse AG, Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, The Jammu & Kashmir Bank, and Utkarsh Small Finance Bank.