HDFC Bank Rejects Allegations Of US Legal Company

HDFC Bank rejects allegations of US legal company, said to defend the case fiercely. HDFC Bank, the country’s largest private sector bank, has dismissed allegations by a US-based legal company of misleading claims.

Along with this, the bank has said to defend the case fiercely. The bank has said that it will prepare an answer to this lawsuit by early next year. Rosen Legal filed a lawsuit against the bank last week seeking compensation for the losses suffered by investors.

The legal company has accused HDFC Bank of giving ‘false and misleading’ information. Rosen Legal has appointed Aditya Puri, CEO and Managing Director of the bank, his declared successor Shashidhar Jagadishan and company secretary Santosh Haladankar as defenders.

The bank has said that a small securities holder has filed a lawsuit against three of its employees. HDFC Bank has informed the exchange, “The bank rejects the allegations and will vigorously defend the case.”

There is no explicit mention of the compensation amount in the complaint, but it has been said that thousands of investors may have suffered losses.

The allegations leveled by the legal company relate to the company’s vehicle finance department. The bank had admitted that there was some irregularity in this department.

HDFC Bank shares fell 0.82 per cent to close at Rs 1,048.70 on the BSE. It is worth mentioning that on Monday, Sensex saw a tremendous decline of 2.09 percent.

The country’s largest bank State Bank of India (SBI) has introduced a loan restructuring policy to provide relief to retail borrowers affected by covid-19. The bank has taken this step as per the guidelines of the Reserve Bank of India (RBI).

A press release issued by the bank said that for the smooth and hassle-free implementation of restructuring policy, an online portal has been launched.

If you also want to take advantage of this facility of State Bank, then for this you will first have to do eligibility check. You can check eligibility for loan restructuring through this portal sitting at your convenience.