HDFC Bank Fines MD and CFO Rs 1 Lakh Each Over MSRDC Deposit Deal

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HDFC Bank's board has penalized its Managing Director and CFO with fines of Rs 1 lakh each over deposit arrangements made with Maharashtra State Road Development Corporation (MSRDC). An internal review concluded that the executives had overstepped business boundaries, though no personal gain or malicious intent was found. The executives also received formal warning letters alongside the monetary penalties as recommended by the review. The action comes amid the Reserve Bank of India's push for stronger board-level oversight of senior management. HDFC Bank has said it will formally communicate the matter and its findings to the RBI.

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