HDFC Bank internal review of MSRDC deposit arrangement ends with ₹100,000 penalties for three senior executives
HDB•Internal review concludes with penalties
HDFC Bank concluded an internal review into its MSRDC deposit-gathering arrangement in 2017 and 2021.
The board found employee conduct amounted to business overreach, not mala fide action, personal enrichment, or improper motive.
Warnings were issued across staff; three senior executives received warning letters plus a monetary penalty of ₹1 lakh each.
The matter will be communicated to the Reserve Bank of India due to potential divergence with applicable RBI directions.
