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HDFC Bank Limited concluded an internal review regarding its 2017 and 2021 deposit arrangements with Maharashtra State…
HDBHdfc Bank Ltd
HDFC Bank Limited concluded an internal review regarding its 2017 and 2021 deposit arrangements with Maharashtra State Road Development Corporation (MSRDC). The Board determined that employee conduct involved business overreach rather than mala fide intent or personal enrichment. Consequently, the Board issued warning letters and a ₹1 lakh monetary penalty to three senior executives, including the Managing Director & CEO and Chief Financial Officer, while issuing warning letters to other involved staff. The matter will be communicated to the Reserve Bank of India. HDFC Bank is a financial services company providing banking products and services.