HDFC Bank imposes ₹1 lakh fine on CEO, CFO in MSRDC deposit case

HDFC Bank has issued warning letters and a ₹1 lakh penalty each to MD & CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and group head (retail assets) Arvind Vohra. The action followed an internal review into the bank's Maharashtra State Road Development Corporation (MSRDC) deposit arrangements in 2017 and 2021. The board concluded that the employees' conduct amounted to business overreach.