Bank will not be harmed due to the investigation into the functioning of vehicle lending: HDFC Bank

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Private sector lender HDFC Bank said on Tuesday that the examination of the vehicle lending system will not affect the bank’s loan accounts and will not cause any harm to the bank.

Bank will not suffer loss
A spokesman for the bank said that it is important to clarify that it has nothing to do with the loan business of the bank in any case. This will not affect the loan business of the bank nor will it cause any harm to the bank.

The bank on Monday launched an investigation into the bank’s vehicle loan procedures following complaints made about the functioning of a principal officer associated with its auto loan business.
Sources associated with this development had said that the allegations are mainly related to professional behavior, due to which issues of conflict of interest have emerged.

A spokesperson of the bank said that the bank has a fixed policy and procedure to deal with complaints and allegations and accordingly the bank takes appropriate action after investigation.

In a statement issued on Tuesday, the bank said that Ashok Khanna, the executive officer associated with this development, who retired on 31 March 2020 but was given extension of service, the spokesperson has also confirmed that the Chief Information Officer Decided to study further in a foreign university, but he is still in notice period.

Private sector lender HDFC Bank said on Tuesday that the examination of the vehicle lending system will not affect the bank’s loan accounts and will not cause any harm to the bank.

Bank will not suffer loss

A spokesman for the bank said that it is important to clarify that it has nothing to do with the loan business of the bank in any case. This will not affect the loan business of the bank nor will it cause any harm to the bank.

The bank on Monday launched an investigation into the bank’s vehicle loan procedures following complaints made about the functioning of a principal officer associated with its auto loan business.
Sources associated with this development had said that the allegations are mainly related to professional behavior, due to which issues of conflict of interest have emerged.

A spokesperson of the bank said that the bank has a fixed policy and procedure to deal with complaints and allegations and accordingly the bank takes appropriate action after investigation.

In a statement issued on Tuesday, the bank said that Ashok Khanna, the executive officer associated with this development, who retired on 31 March 2020 but was given extension of service, the spokesperson has also confirmed that the Chief Information Officer Decided to study further in a foreign university, but he is still in notice period.

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