RBI imposes penalty on HDFC Bank, Shriram Finance
HDFC Bank
for contravention of certain norms relating to foreign investment in India while granting a term loan to its client.
The central bank also imposed a penalty of Rs 2.70 lakh on
Shriram Finance
Limited for non-compliance with certain provisions of the "
Reserve Bank of India
(Digital Lending) Directions, 2025".
Regarding the penalty on authorised dealer bank - HDFC Bank, the RBI said it had issued a show cause notice to the bank, in response to which the bank had submitted a written reply and had also made oral submissions thereon.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Buy Lifetime Office 365
ps.sbs
Download
Undo
"After considering the facts of the case and the response given by HDFC Bank Ltd in the matter, the Reserve Bank of India came to the conclusion that the contraventions were established and warranted imposition of penalty," RBI said.
The statutory inspection of Shriram Finance was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.
Live Events
After considering the company's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI said it found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty.
The company routed the loan repayments through the account of a third-party, instead of the borrowers directly crediting the loan repayments to the company's account, the RBI said.
In both cases, the central bank said the penalties are based on the deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
7 minutes ago
- India.com
Price Rs 11239254000, this luxurious home situated near lake is very close to billionaire Bill Gates heart due to..., its name is...
Rs 11239254000: Cost of Bill Gates' lake shore mansion, it is in... Former Microsoft co founder Bill Gates is known for his philanthropic style of living. Larger than life is the philosophy which Gates believe in. Hence, even at age 70, Bill Gates isn't the least bit interested in downsizing or renovating his famous Lake Washington mansion, Xanadu 2.0. Despite being divorced and without kids at home, the Microsoft co-founder says he feels a deep emotional connection to the home he spent years building. Bill Gates does not consider this lake mansion as just a royal house, but sees it as a private place filled with old memories, technological innovations of that time and family heritage. That is why he does not want to make even the slightest change in this mansion. Leave alone reducing its size, he is not even interested in changing its interiors. What is the valuation of the mansion? Valued at over $130 million, the 66,000 square foot luxury housing property perfectly reflects Gates' lifestyle, his values and his desire for a relaxed and comfortable life combined with his love, affection and love for nature and some privacy. In an interview with The Times UK, he revealed that her children still return often, making this place their central family space. His choice reflects her inclination towards minimalism, offering a different vision of modern luxury. How much has Bill Gates spent on transforming the house? Purchased in 1988 for just $2 million, Gates spent an estimated $63 million over seven years transforming the house into a technological and architectural marvel. Today, Xanadu 2.0 is worth more than $130 million. Spread across 66,000 square feet, this sprawling home is not just huge; it is an ultimate experience of peace, tranquility and seamless digital integration. Built on a hill, this estate is a stunning design made for the elite on earth. The mansion also features a swimming pool and a 2,500 square foot fitness center with a sauna, steam room and a 20-foot trampoline room. A 2,300-square-foot reception hall that seats 200 guests, including a 22-foot video screen. A 2,100-square-foot private library that houses the $30.8 million Codex Leicester by Leonardo da Vinci.
India.com
7 minutes ago
- India.com
BCCI vs WWE: Which sports body is richer? Answer will leave you in shock
Image credit: X (Formerly Twitter) In these collection of pictures, we find out which sports body is richer between cricket's BCCI and wrestling's WWE. Image credit: X (Formerly Twitter) BCCI and WWE are two of the richest sports organisations in the world. BCCI is head of cricket in India while WWE is parent company of professional wrestling entertainment business. Image credit: X (Formerly Twitter) BCCI have net worth of about Rs 18760 crore or around $2.25 billion, according to media reports. Image credit: X (Formerly Twitter) BCCI net worth a couple of years back was around Rs 16000 crore or around $1.8 billion. Image credit: X (Formerly Twitter) WWE company's current market cap is around Rs 72500 crore or around $8.25 billion, according to media reports. Image credit: X (Formerly Twitter) WWE is set to become a $10 billion company soon as it's shares are regularly traded in the stock market. Image credit: X (Formerly Twitter) WWE's richest wrestler is worth around Rs 7000 crore or $800 million and he is Dwayne 'The Rock' Johnson. The richest Indian cricketer is Sachin Tendulkar with net worth of about Rs 1250 crore.
Mint
7 minutes ago
- Mint
Kellton Tech Solutions share price skyrockets despite choppy trend in stock market today
Kellton Tech Solutions share price rallied as much as 6.22 per cent to ₹ 28.19 in Tuesday's trading session after the company announced that it has successfully implemented stock split. The stock opened at ₹ 28.22 apiece in early morning session on July 29, as compared to ₹ 26.54 on Monday. The multibagger stock has given significant returns to its long-term investors by surging over 575.12 per cent in five years. In an exchange filing dated July 29, the company further informed that the e face value of the equity shares has been revised from ₹ 5 to ₹ 1 each. ' The Sub-division (Split) of the Company's equity shares has now been fully implemented and the effect of the split is already reflected from Monday, July 28, 2025, for both existing and prospective shareholders. Please also note that, pursuant to the split - The face value of the equity shares has been revised from ₹ 5 (Rupees Five) each to ₹ 1 (Rupee One) each,' the company said in the filing on Tuesday. Kellton Tech Solutions announced a stock split in a 1:5 ratio, reducing the face value of each share from ₹ 5 to ₹ 1. The company set July 25, 2025, as the record date to determine eligible shareholders for this share split. '….the company has fixed Friday, July 25, 2025, as the 'Record Date' for determining entitlement of equity shareholders for the purpose of Sub-division(Split) of each equity share of Rs. 5/- (Rupees five only) each, fully paid-up into 5 (five) equity shares of Re. 1/- (Rupee one only) each, fully paid-up,' said the company in an exchange filing. Stock splits are corporate actions aimed at improving liquidity and encouraging greater participation from retail investors by reducing the price of individual shares, without altering the company's total market capitalization. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
