HDFC Bank Issues Warning Letters to CEO, CFO and Senior Executive Over MSRDC Deposit Case
India's largest private sector lender, HDFC Bank , has taken disciplinary action against three of its top executives following the completion of an internal investigation into deposit arrangements with the Maharashtra State Road Development Corporation (MSRDC) . The bank announced that it has issued warning letters and imposed a monetary penalty of ₹1 lakh each on Managing Director and CEO Sashidhar Jagdishan , Chief Financial Officer Srinivasan Vaidyanathan , and Group Head – Retail Assets Arvind Vohra . According to the bank, the internal review concluded that the actions of the employees amounted to business overreach rather than fraud, corruption, or personal misconduct. The findings were reviewed by a Special Disciplinary Committee of Independent Directors, whose recommendations were accepted by the bank's board. Internal Review Focused on MSRDC Deposit Arrangements The investigation examined HDFC Bank's arrangements for mobilizing deposits from the Maharashtra ...