The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on HDFC Bank for failing to comply with certain regulations. The bank was penalized for violations regarding interest rates on deposits, the conduct of recovery agents, and customer service.
The RBI noted that HDFC Bank provided gifts exceeding ₹250 to depositors, opened savings accounts for ineligible entities, and contacted customers outside the permitted hours of 7 AM to 7 PM. The penalty reflects RBI’s commitment to enforcing its regulations.
