NHB has slapped a fine on HDFC, a housing finance company, for violating norms. In this regard, information has been given by issuing a circular from the bank.
HDFC fined
National Housing Bank (NHB) has imposed a penalty of Rs 4.75 lakh on Housing Development Finance Corporation Limited (HDFC) for non-compliance of certain norms. The country’s largest private lender bank HDFC itself gave this information.
In this regard, a regulatory filing from the bank on Tuesday said, “You are to inform that NHB has imposed a monetary penalty of Rs 4,75,000 plus GST on the Corporation on July 5, 2021 for technical non-compliance. “
This circular is related to November 2013 and July 2016. Referring to the matter that led to the imposition of penalty, HDFC said, “The Corporation is taking necessary steps to comply with this letter. Let us tell you that the stock of HDFC closed at Rs 2,493.30 on Tuesday.
HDFC distributed loans fiercely
In the Corona era, people took a lot of loans to meet the needs. This is the reason that according to the information released by HDFC Bank, the total loan amount has increased by 14.4 percent to more than Rs 11.47 lakh crore till June 30 this year. The advances of the bank stood at around Rs 11,475 billion, showing a growth of around 14.4 per cent as against Rs 10,033 billion as on June 30, 2020. The bank said that from March 31, 2021, its advances increased by about 1.3 percent. The private sector bank said that its domestic retail loan business grew by 10.5 percent by the end of the first quarter of the current financial year, while domestic wholesale loans grew by about 17 percent.
Market cap crosses 8.26 lakh crore
HDFC Bank is the largest private bank in the country in terms of market cap. The current market cap of the bank has reached close to 8.26 lakh crores. HDFC Bank has overtaken ICICI Bank to become the largest private bank in the country. There are more than 1.16 lakh employees in this bank.
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