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Informist, Monday, Jul. 27, 2026

 

--HDFC Bk: Reviewed matter related to Maharashtra State Road Development Corp 

--HDFC Bk: Committee issued warning letters to 3 senior employees 

--HDFC Bk: Committee put a penalty of INR 100,000 for 3 senior employees 

--HDFC Bk: Committee issues warning letter, penalty against MD & CEO, CFO 

 

MUMBAI – HDFC Bank's board on Monday issued warning letters and imposed a monetary penalty of INR 100,000 on three senior employees of the bank, including the managing director and chief executive officer, chief financial officer, and retail assets group head, for "business overreach" in the case pertaining to Maharashtra State Road Development Corp.

 

Based on the findings and recommendations of the Special Disciplinary Committee of Independent Directors, the board on Thursday concluded that the conduct of the employees involved constituted business overreach rather than any mala fide action, personal enrichment, or improper motive, the bank said in an exchange filing.

 

The committee announced the conclusion of its internal review process pertaining to the arrangement with Maharashtra State Road Development Corp. for garnering deposits in 2017 and 2021. The board of HDFC Bank also decided to issue warning letters to all the employees involved. The board further directed that the matter be communicated to the Reserve Bank of India.

 

An internal vigilance probe of HDFC Bank had found that the bank had paid INR 450 million to Maharashtra State Road Development Corp. as additional interest disguised as spending on a road safety awareness campaign, the Indian Express had reported in May. 

 

Monday, HDFC Bank's shares ended at INR 739.55 on the National Stock Exchange, down 0.4% from the previous close. For the June quarter, the bank had reported a net profit of INR 190.60 billion on total income of INR 921.84 billion.  End

 

Reported by Diksha Tripathy

Edited by Saji George Titus

 

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