 "RBI fines HDFC Bank, Shriram Finance for violations of regulatory norms")
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹2.70 lakh on Shriram Finance and ₹4.88 lakh on HDFC Bank for violations of regulatory norms.
HDFC Bank was fined for violating norms on foreign investment in India while granting a term loan to its client.
Shriram Finance was penalised for violating certain provisions of digital lending norms following a statutory inspection with reference to its financial position as of 31 March 2024.
“The company routed the loan repayments through the account of a third party, instead of the borrowers directly crediting the loan repayments to the company’s account,” RBI said in its statement regarding Shriram Finance.
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