HDFC Bank MD, CFO Fined Rs 1 Lakh Over Maharashtra PSU Deposit Case
HDFC Bank's board has imposed a Rs 1 lakh penalty on its Managing Director and Chief Financial Officer for an 'extra payout' to a Maharashtra Public Sector Undertaking (PSU) in a deposit case. The disciplinary action follows an investigation into the matter concerning the Maharashtra State Road Development Corporation (MSRDC) deposit.
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'Extra payout' to Maharashtra PSU: HDFC board slaps Rs 1 lakh fines on MD, CFO
HDFC Bank's board penalized top executives over deposit arrangements with MSRDC. The internal review found business overreach but no personal gain or mala fide intent. Top executives received nominal penalties and warning letters following the review's recommendations. This action comes as the RBI pushes boards for greater oversight and before the CEO's term ends. The bank will formally communicate the matter and its findings to the Reserve Bank of India.
By TNN
Read full article →HDFC Bank board warns MD, CFO; imposes Rs 1 lakh penalty in MSRDC deposit case
By George Mathew
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