Based on deficiencies in regulatory compliance, the Reserve Bank of India (RBI) on Friday imposed a monetary penalty of Rs 10 crore on the HDFC Bank.

"The Reserve Bank of India has imposed, by an order dated May 27, 2021, a monetary penalty of Rs 10.00 crore (Rupees ten crore only) on HDFC Bank Limited (the bank) for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act)," read the statement by the RBI.