Topic
hdfc
Finance HDFC Board Imposes Rs 1 Lakh Fine on MD, CFO Over Extra Payout to Maharashtra PSU
HDFC Bank's board imposed a Rs 1 lakh penalty each on MD & CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and group head Arvind Vohra for 'business overreach' in deposit deals with Maharashtra State Road Development Corporation. The board found no mala fide intent but issued warning letters, in an action seen as unprecedented and aligned with RBI's push for stronger board oversight.
Finance HDFC Bank Review Finds No Evidence to Support Former Chairman Atanu Chakraborty's Allegations
HDFC Bank announced that an independent legal review found no evidence to support former chairman Atanu Chakraborty's claims that the bank acted against his ethics and values. The review, conducted by law firms Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co., examined board minutes, interviews, and documents over three months. The bank stated that Chakraborty did not record any concerns through official channels during his tenure.
Business Ex-CEC Rajiv Kumar named HDFC chairman in clean-up drive; four-year term proposed
HDFC Bank's board appointed former chief election commissioner Rajiv Kumar as chairman, subject to RBI approval. Kumar, a former finance secretary, will serve a four-year term starting June 30. The appointment follows the sudden resignation of Atanu Chakraborty in March and an internal investigation that found no evidence of his concerns.
Finance HDFC Halts Government Fund Mobilization via Agents
HDFC Bank has announced that it will cease using agents to mobilize government funds starting July 1, 2026. This strategic shift aligns with the bank's expanded branch network and aims to mitigate regulatory scrutiny.