HDFC Bank fines CEO, CFO ₹1 lakh each for business overreach in MSRDC deposit case
HDFC Bank has imposed a fine of ₹1 lakh each on its Managing Director & CEO, Chief Financial Officer, and Group Head of Retail Assets following an internal review into the bank's deposit arrangements with the Maharashtra State Road Development Corporation (MSRDC) in 2017 and 2021. The bank's board, acting on the recommendation of a Special Disciplinary Committee of Independent Directors, concluded that the employees' conduct constituted 'business overreach' rather than any mala fide action, personal enrichment, or improper motive. However, due to potential divergence with applicable RBI directions, the board decided to issue warning letters and monetary penalties to the three senior employees, and warning letters to other involved employees. The board has also directed that the matter be communicated to the Reserve Bank of India. The announcement was made via an exchange filing on July 27, 2026.
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