RBI imposes monetary penalty on HDFC Bank
The Reserve Bank of India (RBI) on 27 May 2021 imposed a monetary penalty of Rs 10 crore on the bank.
The penalty has been imposed for marketing / sale of third party non-financial products in contravention of certain provisions of the Banking Regulation Act, 1949.
The announcement was made on Saturday, 29 May 2021. HDFC Bank is currently trading lower by 0.43% at Rs 1,494.70.
HDFC Bank is a private sector bank. As of 31 March 2021, the bank's distribution network was at 5,608 branches and 16,087 ATMs / cash deposit & withdrawal machines (CDMs) across 2,902 cities/towns.
The private lender reported 18.2% rise in net profit to Rs 8,186.51 crore in Q4 FY21 compared with Rs 6,927.69 crore in Q4 FY20. Total income of the bank rose 5.8% year-on-year (YoY) to Rs 38,017.50 crore during the quarter.
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First Published: May 31 2021 | 9:19 AM IST