New Delhi, July 27 -- Private sector lender HDFC Bank on 27 July said that it has imposed Rs.1 lakh penalty and issued warning letters to top executives - MD and CEO, chief financial officer and Group Head - Retail Assets, for "business overreach" by employees with regard to deposits of the Maharashtra State Road Development Corporation (MSRDC).

It added that the employee's behaviour was not motivated by "mala fide action, personal enrichment, or improper motive".

In a filing with the exchanges dated 27 July 2026, the HDFC Bank stated that its internal review process, completed today, showed that employees were involved in "business overreach" in regard to an arrangement with MSRDC for garnering deposits in 2017 and 2021.

"Based on the...