RBI seeks explanation from HDFC Bank regarding ₹1 lakh fine on senior officials
According to a Moneycontrol report, the Reserve Bank of India has requested HDFC Bank to clarify the reasoning behind levying a ₹1 lakh penalty on three of its top executives. The fine relates to claims of improper incentives tied to deposits from the Maharashtra State Road Development Corporation (MSRDC). The regulator has also inquired whether issuing such penalties is a routine procedure for the bank. In response, HDFC Bank stated that its board considers the situation a case of business overreach rather than any dishonest intent.
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