April 15, 2024

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RBI seeks internal car loan investigation details from HDFC bank, Auto News, ET Auto

The vehicle financing unit had outstanding loans of nearly Rs 1.2 lakh crore ($16 billion) as of June 30.
The auto funding unit had superb loans of approximately Rs one.two lakh crore ($sixteen billion) as of June 30.

New Delhi: India’s banking regulator has asked HDFC Lender to deliver aspects of an inner investigation into allegations of improper lending practices in its auto-funding procedure, in accordance to persons acquainted with the make any difference.

The Reserve Lender of India is also seeking data on techniques taken by HDFC Lender to solution any problems discovered in the course of the investigation, the persons added, inquiring not to be named as the data is not general public.

A spokesman for HDFC Lender declined to remark, indicating that the lender has absolutely nothing to increase to current remarks on the investigation by Managing Director Aditya Puri. A spokesperson for the RBI did not immediately reply to an e-mail seeking remark.

Puri explained on Saturday that the inquiry was brought on by a whistle-blower and uncovered “personal misconduct” by some of the bank’s personnel. “Based on inner inquiry findings, acceptable motion was taken from a set of personnel in the vehicle personal loan organization segment for their act of particular misconduct,” Puri explained in the course of the investor simply call that followed the bank’s most current earnings report.

The auto funding unit had superb loans of approximately Rs one.two lakh crore ($sixteen billion) as of June 30.

HDFC Lender is bracing for a leadership improve with Puri set to move down just after 26 several years at the helm. He will retire when he turns 70 in October under RBI rules that restrict the age of top rated lender executives.