HDFC Bank board fines MD, CFO Rs 1 lakh each over MSRDC deposit arrangements in 2017 and 2021
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HDFC Bank's board imposed nominal cash penalties and warning letters on the MD/CEO and CFO after an internal review found "business overreach" in deposit arrangements that may have diverged from RBI guidance. Although no mala fide intent or personal gain was identified, the disclosure elevates governance and compliance risk, reinforces RBI's push for tighter board oversight, and weighed on the stock relative to a rising broader market.
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HDFC Bank’s board has imposed Rs 1 lakh fines and issued warning letters to senior executives after an internal review of the bank’s deposit arrangements with Maharashtra State Road Development Corporation in 2017 and 2021 found instances of “business overreach”. The bank said it found no mala fide intent, personal enrichment or improper motive, but acknowledged a potential divergence from RBI directions and said the matter will be formally communicated to the RBI. The action comes three months before MD & CEO Sashidhar Jagdishan’s term ends on October 26 and marks his second major controversy as CEO. HDFC Bank shares closed down Rs 3 at Rs 739 even as the sensex rose 776 points.
