HDFC Bank Concludes MSRDC Internal Review

Date: July 27, 2026

Board Meeting Outcomes

The Board at its meeting held on July 23, 2026 concluded an internal review process pertaining to the arrangement with Maharashtra State Road Development Corporation (MSRDC) for garnering deposits in 2017 and 2021. Based on the findings and recommendation of the Special Disciplinary Committee of Independent Directors, the Board concluded that:

• The conduct of the employees involved constituted business overreach rather than any mala fide action, personal enrichment, or improper motive
• Keeping in view any potential divergence with applicable RBI Directions, the Board decided to issue warning letters and monetary penalty of ₹1 lakh for three senior employees: the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets
• Warning letters were issued for the remaining employees
• The matter should be communicated to the Reserve Bank of India