Mumbai: The Reserve Bank of India (RBI) said on Friday that it has imposed a monetary penalty of Rs 4.88 lakh on HDFC Bank and Rs 2.70 lakh on Shriram Finance after finding non-compliance with...

After considering the facts of the case and the response given by HDFC Bank in the matter, the RB concluded to impose a penalty

The RBI had issued a Show Cause Notice to the bank for the same, and in response to which HDFC Bank had submitted a written reply and had also made oral submissions thereon : the statement read.