RBI imposed heavy penalty on HDFC Bank, know the reason

IndiaRBI imposed heavy penalty on HDFC Bank, know the reason
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Reserve Bank of India HDFC has been fined for violating National Housing Bank (NHB) norms. RBI has imposed a penalty of Rs five lakh on Housing Development Finance Corporation Limited (HDFC). At the same time, RBI has given information about this action. According to RBI, last year till March 31, 2022, the NHB reviewed the financial position of all the companies which violated the norms. Action was taken against him. After which the company was given time to file a reply in the matter. After this RBI decided to impose penalty, but let us understand what is the real reason behind it.

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Giving information about this action, RBI said that, HDFC Limited has disclosed that during 2019-20 the matured amount of the depositors was not deposited in their accounts within the prescribed period. RBI has issued a show cause notice to the company after the matter came to the fore. He also asked why the penalty should not be imposed on the company. The company replied to this notice. After this, the Reserve Bank had imposed a penalty on the bank for violating the rules.

Action against many banks

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Even before this, RBI has taken action against those who do not follow the banking rules. Punitive action has been taken against them. Mumbai-based Zoroastrian Co-operative Bank has been fined Rs 1.25 crore. This action has been taken due to violation of rules.

Data of 6 lakh customers leaked from the server? HDFC Bank gave this answer

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Last month, the RBI took action against HCBL Cooperative Bank in Lucknow, Uttar Pradesh, Adarsh ​​Mahila Nagari Sahakari Bank Ltd in Aurangabad, Maharashtra, Shimsha Sahakari Bank Regular in Mandya, Karnataka. Citizens cannot withdraw any amount from these banks. The amount is not being deposited in the bank. According to RBI, these restrictions will continue on these cooperative banks for the next 6 months. This action has been taken in accordance with the instructions issued under the Banking Regulation Act, 1949.

Explain that the Reserve Bank also keeps an eye on the financial condition of the banks under its supervision. If the condition of a bank is found to be bad and there is a danger of drowning the money of the customer, then the Reserve Bank can ban that bank. Also, it imposes withdrawal limits on the customers. This type of action happens from time to time.

When a bank’s license is cancelled, the Deposit Insurance and Credit Guarantee Corporation (DICGC) pays a fixed amount as compensation to the depositor. So the customer gets a fixed amount as subsidy.

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Credit: bharat.republicworld.com /

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