HDFC Bank fined ₹91 lakh by RBI over banking norms violations
RBI has fined HDFC Bank ₹91 lakh for violating certain provisions of the Banking Regulation Act. The lender adopted multiple benchmarks within the same loan category and also outsourced the function of determining compliance with KYC norms of certain customers to its outsourcing agents, RBI said. A subsidiary of the bank also undertook business not permissible for a banking firm.