RBI imposes Rs 10 crore fine on HDFC Bank
Business | May 28, 2021 20:17 ISTThe penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Act, the apex bank said.
The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Act, the apex bank said.
The measures comprise setting up permanent medical infrastructure such as Oxygen plants, medical equipment, and ICU facilities, in addition to providing medical supplies to hospitals across India.
HDFC Bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
Equity benchmark gauges closed 1.7 per cent higher on Monday with banking and financial stocks witnessing substantial gains after a steady decline in fresh Covid-19 cases.
Equity benchmark indices cracked by 2 per cent on April 30 due to unabated rise in COVID cases and hiccups in vaccination drive amid unfavourable global cues. The BSE SandP Sensex closed 984 points or 1.98 per cent lower at 48,782 while the Nifty 50 plunged by 264 points or 1.77 per cent to 14,631.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past.
HDFC Bank was adjudged the India's best bank for SMEs at the Asiamoney Best Bank Awards 2021.
State Bank of India, ICICI, HDFC, Axis Bank and Punjab National Bank (PNB) customers have been warned about a serious security flaw.
The bank will reimburse vaccination cost for the two mandated doses, the lender said in a statement.
The move comes two days after similar announcements by rivals SBI and Kotak Mahindra Bank, who are now giving home loans at 6.70 per cent and 6.65 per cent, respectively.
The accused had opened, at least, 10 fake accounts in various banks including the Axis Bank, ICICI, IDBI, and IndusInd bank and applied for loans in HDFC Bank and Bajaj Finance.
HDFC Bank is the largest lender by assets in the private sector in the country. Its net banking and mobile banking app services will be affected for two days on Feb 4 and 5.
Progress is being made on the plan of action provided to the RBI and the bank has taken this positively as it will raise the standard, according to a senior official of HDFC Bank.
On the BSE, shares of the private lender were trading at Rs 1,453.35 apiece, falling 1.39 percent over the previous close.
The RBI on Tuesday said state-owned SBI, along with private-sector lenders ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions that are 'too big to fail'.
Eight of the top-10 most valued domestic companies together added Rs 1,25,229.25 crore in market valuation past week in-line with a bullish broader market trend, with HDFC, TCS and Bajaj Finance emerging as the biggest gainers. Over the past week, the BSE benchmark gained 861.68 points or 1.86 per cent.
After two years of waiting, Facebook-owned WhatsApp payment service received approval from the National Payments Corporation of India (NPCI) in November to go live on Unified Payment Interface (UPI) with over 160 supported banks.
Shares of HDFC Bank declined over 2 per cent on Thursday after the company said the Reserve Bank of India has asked it to temporarily stop all launches of its upcoming banking initiatives and issuing of new credit cards.
HDFC Bank said the RBI order “has advised the bank to temporarily stop all launches of the digital business-generating activities planned under its program Digital 2.0 and other proposed business generating IT applications and sourcing of new credit card customers.”
Puri is widely credited for building HDFC Bank from scratch and making it the largest in the private sector space and the most valuable one.
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