RBI imposes fine of Rs 5,00,000 on HDFC over transfer of deposits

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 lakh on mortgage financier HDFC Ltd for failing to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20. 

In a statement, the central bank said, the housing finance company was penalised because it was found to be non-compliant with certain provisions of the Housing Finance Companies (NHB) Directions, 2010 issued by the National Housing Bank (NHB). 

Reacting to the penalty imposed by the central bank, HDFC Ltd said, it will take necessary steps to comply with the directions.