HDFC Bank Board Warns CEO Sashidhar Jagdishan, CFO, Imposes ₹1 Lakh Penalty Over MSRDC Deposit Probe
HDFC Bank board imposed a ₹1 lakh penalty and issued warning letters to MD & CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head Arvind Vohra over an internal probe into deposit mobilisations from MSRDC.
The independent committee found no evidence of personal enrichment or mala fide intent, categorizing the conduct as 'business overreach' in driving deposit growth.
The board's decision, based on recommendations from a Special Disciplinary Committee of Independent Directors, addressed potential divergence from RBI regulatory directions.
The internal probe examined deposit arrangements with Maharashtra State Road Development Corporation (MSRDC) between 2017 and 2021.
HDFC Bank will formally communicate the findings and disciplinary measures to the Reserve Bank of India.
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