Huge news: New RBI order! Knowing why the RBI fined HDFC Rs. 5 lakh is important
According to an inspection, the company was unable to transfer some depositors' matured deposits to their allocated bank accounts throughout 2019–20, according to the RBI.
Housing Development Financing Corporation Limited (HDFC) was fined Rs. 5 lakh by the Reserve Bank of India (RBI) for failing to follow some National Housing Bank regulations (NHB). NHB conducted a statutory inspection of the company based on its financial situation as of March 31, 2022, according to information provided by RBI.
What is being alleged: The inspection, according to the RBI, showed that the company was unable to transfer some depositors' matured savings to their designated bank accounts throughout 2019–20. A show-cause letter was then sent to the corporation asking it to provide justification for why a fine should not be enforced.
The Central Bank has determined that the allegation of non-compliance with the rules is sufficient and justifies imposition of a penalty after taking the company's response into account.
What transpired with the stock: On the final trading day of the week, HDFC's stock grew by 1.14% to reach the level of Rs 2561. Describe how HDFC and HDFC Bank Ltd are currently in the latter stages of their merger process. The merger was also approved by the National Company Law Tribunal (NCLT) on Friday.
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