HDFC Bank may have bundled GPS devices with vehicle loans3 min read 20 Jul 2020, 05:37 AM IST
HDFC Bank executives pushed auto loan customers to buy GPS devices costing ₹18,000-19,500 from 2015 to December 2019
HDFC Bank’s auto loan book stood at ₹81,082 crore as on 30 June, down 3.39% sequentially, and constituted 17% of its retail loans
Car loan customers of HDFC Bank Ltd were forced to purchase a vehicle tracking device for about four years ended December 2019 in a possible breach of guidelines prohibiting banks from non-financial businesses, two people aware of the matter said. The bank on Saturday said it has taken action against employees in the vehicle finance unit after an investigation, without giving details.
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