In a possible breach of regulatory guidelines, borrowers of HDFC Bank were forced to take GPS devices along with the purchase of a car for about four years till December 2019, sources said.
According to sources, the executives of the lender compelled vehicle loan customers to get GPS devices during 2015 to 2019.
Reportedly, these GPS devices were of a particular make indicating a conflict of interest and violation of regulatory norms.
A HDFC Bank spokesperson said, “We have said (MD and CEO Aditya Puri’s AGM address) what we had to in the matter”.
