Mumbai, July 27, 2026 (Yes Punjab News)
HDFC Bank has issued warning letters and imposed a monetary penalty of ₹1 lakh each on its Managing Director and Chief Executive Officer Sashidhar Jagdishan, Chief Financial Officer Srinivasan Vaidyanathan and Group Head–Retail Assets Arvind Vohra following an internal review into the bank’s deposit arrangements with the Maharashtra State Road Development Corporation (MSRDC).
The country’s largest private sector lender said its board concluded that the conduct of the employees involved amounted to “business overreach” but did not involve any mala fide intent, personal gain or improper motive.
The action followed a review conducted by a Special Disciplinary Committee of Independent Directors, which examined the bank’s arrangements with the state-owned corporation for mobilising deposits in 2017 and 2021.
In a regulatory filing, HDFC Bank said the board, at its meeting held on July 23, 2026, considered the findings and recommendations of the committee before deciding on disciplinary measures.
The board noted that there was a possibility of deviation from applicable Reserve Bank of India (RBI) directions in connection with the arrangements. Based on the committee’s recommendations, warning letters were issued to the employees involved, while monetary penalties were imposed on the three senior executives.
The bank said warning letters were issued to the remaining employees associated with the matter.
HDFC Bank also informed that the outcome of the internal review would be communicated to the RBI.
The review relates to deposit mobilisation arrangements entered into with MSRDC in 2017 and 2021. The bank maintained that the findings did not indicate any evidence of personal enrichment or fraudulent intent by the employees concerned.
FOLLOW NOW
