RBI seeks details of Car loan probe from HDFC

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RBI seeks details of Car loan probe from HDFC

The Indian Banking watchdog asked HDFC to report on the internal investigation into allegations of improper lending practices in its vehicle-financing operation which was triggered by a whistle-blower.

The HDFC vehicle financing unit had outstanding loans of nearly 1.2 trillion rupees ($16 billion) as of June 30. The investigation has led take action against the set of employees in the auto-loan segment against the act of personal misconduct. This is happening at the time of reign change with Aditya Puri all set to step-down after 26 years at the helm.

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