RBI Imposes Penalty Of 5 Lakh Rupees On HDFC For Non Compliance

RBI Penalty on HDFC: The Reserve Bank of India (RBI) has imposed a penalty of Rs five lakh on Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions of the National Housing Bank (NHB). The Reserve Bank of India gave this information on Friday. Giving this information, RBI said that on the basis of financial position of the company as on March 31, 2022, NHB had conducted statutory inspection of the company.

RBI told the reason

RBI said in the statement that it was revealed in the inspection that the company could not transfer the matured deposits of some depositors to their designated bank accounts during 2019-20. According to the statement, after this a show cause notice was issued to the company as to why the penalty should not be imposed on it.

HDFC fined Rs 5 lakh

It said, “After considering the reply of the company, the Reserve Bank came to the conclusion that the allegation of non-compliance of the provisions is sufficient and penalty should be imposed.” The RBI said in a statement that it was revealed during the inspection that the company could not transfer the matured deposits of some depositors to their nominated bank accounts during 2019-20.

Amazon was also recently fined by RBI

The Reserve Bank of India, the regulator of the banking sector, had imposed a fine of more than 3 crores on the e-commerce company Amazon Pay (India) Limited. While imposing penalty, RBI said that the company is not following the rules of KYC (Know Your Customer). Amazon is accused of not following the rules of Prepaid Payment Instruments.

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