a notice was issued to the hdfc bank advising it to show cause as to why penalty should not be imposed on it for such noncompliance with the directionsnew delhi the reserve bank on thursday imposed a penalty of inr 10 crore on hdfc bank for not complying with the regulatory guidelines on auto loans the penalties have been imposed after an inspection conducted by the rbi on a whistleblower complaint regarding irregularities in the auto loan portfolio of the bank the central bank said in a statementrbi has imposed by an order dated may 27 2021 a monetary penalty of inr 1000 crore rupees ten crore only on hdfc bank limited the bank for contravention of provisions of section 62 and section 8 of the banking regulation act 1949 the act this penalty has been imposed in exercise of powers vested in rbi under the provisions of section 47a1c read with section 464i of the act rbi said advt this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers the central bank noteda notice was issued to the hdfc bank advising it to show cause as to why penalty should not be imposed on it for such noncompliance with the directionsafter considering the banks reply to the show cause notice oral submissions made during the personal hearing and examination of further clarificationsdocuments furnished by the bank rbi came to the conclusion that the aforesaid charge of contravention of provisions of the act was substantiated and warranted imposition of monetary penalty the statement added etauto published on may 28 2021 at 1109 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app rbi penalty on hdfc bank reserve bank of india rbi hdfc bank penalty hdfc auto loan porfolio inr hdfc bank homenewsauto financerbi imposes inr 10 crore penalty on hdfc bank over auto loan portfolio