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.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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