Mumbai, May 28

The RBI has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliance.

The central bank said the penalty has been imposed as actions of HDFC Bank were found in contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949.

This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said. — IANS