New Delhi, July 27 -- HDFC Bank's board has issued warning letters and imposed a monetary penalty of Rs 1 lakh each on Managing Director and Chief Executive Officer Sashidhar Jagdishan, Chief Financial Officer Srinivasan Vaidyanathan and Group Head-Retail Assets Arvind Vohra after an internal disciplinary review into the bank's deposit mobilisation arrangement with the Maharashtra State Road Development Corporation (MSRDC).
The action follows the recommendations of a Special Disciplinary Committee comprising independent directors, which examined the bank's engagement with MSRDC for garnering deposits during 2017 and 2021.
In a regulatory filing, HDFC Bank said the board concluded that the conduct of the executives amounted to "business ov...