HDFC Bank on Friday debited two equated monthly installments (EMIs) at one go from the bank accounts of its borrowers only to refund it later, customers of the second-largest private sector bank told FE.
According to a customer who was shocked to see his account debited twice called up the bank’s customer helpline and was informed that it was a glitch in the system and will be rectified soon. “I have received the refund, but what if I had insufficient funds in my account? Then the bank would have penalised me,” the customer asked.
In a text message sent to all borrowers, the bank said, “Dear customer, we apologise for the inconvenience caused and assure you that excess EMI debited will be credited to your account latest by today end of day.”
An email sent to HDFC Bank seeking comments remained unanswered.
HDFC Bank’s retail loan portfolio include auto loans, personal loans, credit cards, loans against gold, consumer durable loans, construction equipment finance, education loans, among others.
As per the bank’s internal business classification, the domestic retail loans and wholesale loans grew by 29.2% and 18.9% respectively. However, according to regulatory segment classification, the growth rates were 30.4% for domestic retail loans and 20.7% for wholesale loans.
Like its peers, retail loans are an important segment for the bank. The ratio of retail loans to wholesale loans was 53:47 in Q3 FY16.
At the end of the December quarter, its domestic retail book stood at Rs 2.74 lakh crore compared with Rs 2.12 lakh crore in the same quarter last year.