RBI imposes monetary penalty of Rs 10 crore on HDFC Bank for violation of provisions under various sections of Banking Regulation Act

The Reserve Bank of India (RBI) today imposed a monetary penalty of Rs 10 crore on HDFC Bank for violation of provisions under various sections of the Banking Regulation Act. The central bank said in a statement today that this action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or an agreement entered into by the bank with its customers.  According to the statement, an examination of documents in the matters of marke...