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    Question

    The Reserve Bank of India (RBI) has imposed a monetary

    penalty of_____  on mortgage financier HDFC Ltd for failing to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20.
    A Rs.2.5 lakh Correct Answer Incorrect Answer
    B Rs.3 lakh Correct Answer Incorrect Answer
    C Rs.4 lakh Correct Answer Incorrect Answer
    D Rs.5 lakh Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 lakh on mortgage financier HDFC Ltd for failing to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20.     The housing finance company was penalised because it was found to be non-compliant with certain provisions of the Housing Finance Companies (NHB) Directions, 2010 issued by the National Housing Bank (NHB).

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