News > Auto Loans Mis-Selling: HDFC Bank To Refund GPS Commissions

Auto Loans Mis-Selling: HDFC Bank To Refund GPS Commissions

BusinessWorld | 18/06/2021 07:31 PM | Click to read full article

HDFC Bank on Thursday announced a refund of the controversial 'GPS device commission' charged to auto loan borrowers for six years. 

The bank was also fined Rs 10 crore by the RBI for the lapses earlier this year. The city-headquartered lender announced the refund in a public notice published in newspapers. 'HDFC Bank will be refunding the GPS device commission to auto loan customers who availed of such device as a part of the auto loan funding during the period FY 2013-14 to FY 2019-20,' the notice read.