Case Brief
RBI, by an order dated September 03, 2024, imposed a monetary penalty of ₹1,00,00,000 on HDFC Bank Limited. The penalty followed supervisory inspection findings that the bank had not complied with RBI directions on interest rates on deposits, recovery agents, customer service in banks, the BCSBI Code, and outsourcing-related conduct guidelines. RBI found that the bank gave gifts worth more than ₹250 to depositors, opened certain savings accounts for ineligible entities, and failed to prevent customer contact during prohibited hours. The penalty was imposed under section 47A(1)(c) read with section 46(4) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Bank
- Action Type
- Monetary penalty