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RBI Fines HDFC For Non-compliance Under NHB Act
According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20
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The Indian Central Bank on Friday imposed a monetary penalty of Rs 5 lakh Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB).
According to a statutory inspection of HDFC conducted by NHB, it was revealed that the company failed to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20.
"After considering the company's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with the aforesaid statutory directions was substantiated and warranted imposition of monetary penalty on the company, to the extent of non-compliance with the directions," mentioned a RBI notice.
HDFC has informed about the penalty in a stock exchange filing and said that it is working on complying with the RBI letter. “The Corporation will be taking necessary steps to comply with the said letter,” it said.
In another development, RBI imposed a penalty of Rs 11.25 lakh on IGH Holdings Private Limited, Mumbai for non-compliance with certain provisions.