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HDFC Bank to refund GPS device commissions to auto loan customers

In a public notice, the bank said, the refund will be credited to the customer's repayment account as registered with the bank

HDFC Bank ranked number 16 for overall equity deals business last year, and number 29 in 2019, according to data compiled by Bloomberg.
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It was alleged that HDFC Bank was misselling GPS products to its auto loan customers and the cost of such devices was being added to the loan amount.

Subrata Panda Mumbai
HDFC Bank on Thursday said that it will refund commissions to auto loan customers who availed of bundled GPS devices as a part of the auto loan funding during the period FY14-FY20.

In a public notice, the bank said, the refund will be credited to the customer's repayment account as registered with the bank.

"In case of any queries or in case such a bank account is closed, such customers are requested to contact the bank from their registered email id or call on the numbers with detail of the loan account number within the next 30 days," the bank