HDFC Bank confirms it removed 3 employees over wrongdoings at Dubai branch
This story was originally published at 08:33 IST on 24 March 2026
Register to read our real-time news.Informist, Tuesday, Mar. 24, 2026
MUMBAI – HDFC Bank Ltd. late Monday confirmed it had removed three employees due to their involvement in wrongdoings at the bank's Dubai branch last year. Some media reports had claimed that Dubai authorities found misselling of bonds at the branch and post this, the Dubai branch was prohibited from onboarding new clients.
The employees have the right to appeal against their removal to the board of the bank, it said in a filing. The bank did not provide more details about the employees but some reports said these employees were Sampath Kumar, group head of branch banking; Harsh Gupta, executive vice-president of Middle East, Africa, and NRI onshore business; and Payal Mandhyan, senior vice-president. These people were involved in misselling of additional tier-I bonds of Credit Suisse, media reports had said last week.
On Monday, shares of the bank closed at INR 744.15 on the National Stock Exchange, down 4.7%. For the quarter ended December, the bank reported a net profit of INR 186.54 billion on total income of INR 900.05 billion. End
Reported by Anshul Choudhary
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
