Reserve Bank slaps Rs 10 lakh fine on HDFC, country's largest private bank

New Delhi, Dec. 11, 2020, Friday

The Reserve Bank of India has slapped a fine of Rs 10 lakh on HDFC Bank, the country's largest private sector bank.

HDFC Bank has given this information in the stock exchange filing. The bank failed to keep the mandatory minimum amount as per the rule in its subsidiary general ledger, which caused SGL to bounce. The RBI then fined the bank on December 9.

The RBI has also disclosed this in its notification. As per the details received, the balance in the bank's SGL account was reduced on November 19. The SGL account is a type of demat account in which government bonds are held by the bank. Opened by SGL Bank. Incoming account. In which the bond is held by the bank from the customer. If the bank fails to transact the transaction connected with the bond, it is said that the SGL account has bounced.

Recently, the Reserve Bank ordered HDFC to stop issuing new credit cards as there were many complaints about the bank's digital services. The bank has received another tweak from the Reserve Bank since then.