RBI imposes Rs 1 crore penalty on HDFC Bank

The RBI had issued a notice to the bank to show cause as to why penalty should not be imposed for non-compliance with the direction. After considering the reply received from the bank and oral submissions made in the personal hearing, the RBI came to the conclusion that imposition of monetary penalty was warranted, the release said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2O90a8m