RBI has imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance with certain directions on 'interest rate on deposits', 'recovery agents engaged by banks' and 'customer service in banks'. HDFC is India's largest bank with a market cap of Rs 12.58 lakh crore, as of September 10.
It is also among the top 10 banks in the world in 2024 by market cap. As one of the leading private banks in India, it holds a prominent position in the financial industry. Meanwhile, the central bank also imposed a penalty of Rs 1.91 crore on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions on 'Interest Rate on Deposits', 'Know Your Customer (KYC)' and 'Credit Flow to Agriculture-Collateral free agricultural loans'.
The RBI also said the penalties, totalling Rs 2.91 crore, are based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
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