RBI has imposed a penalty of Rs 5 lakh on Housing Development Finance Corporation Limited (HDFC). It is the largest private bank in the country. The Central Bank has taken this step after inspection.
RBI Imposed Penalty : Reserve Bank of India often takes strict action on violation of rules. Till now strict steps have also been taken against many banks. This time the RBI has imposed a heavy fine on the country’s largest private bank. HDFC will have to pay Rs 5 lakh as damages. Crores of customers are associated with this bank. The Central Bank has given this information on Friday.
The Central Bank has taken this step for non-fulfilment of certain provisions of the National Housing Bank. RBI said in a statement that during the investigation, it was revealed that the company has not been able to transfer the matured deposits of some depositors to their designated bank accounts till 2019-20. After which a show cause notice was also issued to the company. It was asked “Why he should not be fined?” After considering the reply of the company, the Central Bank has imposed a fine of five lakh rupees on it, accusing it of violating the rules.
There is also a lot of talk about the merger of HDFC and HDFC Bank Limited. According to media reports, the process of merger is in the final stage. Last day, the National Company Law Tribunal has also given the green signal for the merger. On the other hand, HDFC shares have seen a boom on Saturday. Which has reached the level of Rs 2561 with an increase of 1.14 percent.
