HDFC Bank Ltd.

A law firm in the US has filed a class action suit against HDFC Bank, claiming damages for the losses incurred by investors because of ‘materially false and misleading’ representations made by India's largest private sector lender. The complaint did not mention the exact quantum of the damages sought, though it maintained that may be thousands of investors would have suffered.

The allegations pertain to the vehicle finance vertical, where the bank later acknowledged to have found some improprieties which resulted in some executives being acted against. The bank used to bundle vehicle tracking devices along with auto loans sold by it, resulting in an additional cost to the borrower, and also concerns over privacy.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.