RBI asks HDFC Bank to justify ₹1 lakh penalty on top execs: Report

The RBI has asked HDFC Bank to explain the basis for imposing a ₹1 lakh penalty on three senior executives over alleged wrongful incentives linked to Maharashtra State Road Development Corporation (MSRDC) deposits, Moneycontrol reported. It sought details on whether such penalties are standard practice. HDFC Bank said the board viewed the matter as business overreach, not mala fide conduct.