In a possible breach of regulatory guidelines, borrowers of HDFC Bank were forced to take GPS devices along with the purchase of car for about four years till December 2019, sources said.
According to sources, the executives of the country’s largest private sector lender compelled vehicle loan customers to get Global Positioning System (GPS) devices costing Rs 18,000-20,000 during 2015 to 2019.
Reportedly, these GPS devices were of a particular make indicating at conflict of interest and violation of regulatory norms.
On this issue, an HDFC Bank spokesperson said, “As you are aware we have said (Mr Puri’s AGM address) what we had to in the matter. And there’s nothing further to add.
HDFC Bank’s Managing Director and Chief Executive Aditya Puri on Saturday while addressing shareholders in the annual general meeting had said that “disciplinary action” has been taken against a few employees from the auto loans business for exhibiting “personal misconduct”.