RBI imposes fine of Rs 5 lakh on HDFC
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The central bank 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.
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 central bank 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.
The RBI said in the statement that it was revealed during the inspection that the company could not transfer the matured deposits of some depositors to their designated bank accounts during 2019-20. Thereafter, a show-cause notice was issued to the company as to why the penalty should not be imposed, according to the statement. It said, “After considering the reply of the company, the Reserve Bank has come to the conclusion that the allegation of non-compliance of the provisions is sufficient and warrants imposition of penalty.
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