HDFC Bank's board imposed a penalty of ₹1 lakh each on MD Sashidhar Jagdishan and the CFO on July 27, citing 'business overreach' related to the MSRDC deposit pricing case.
The bank clarified that while the internal review found no improper motive, the executives were held accountable for failing to adhere to established regulatory compliance standards.
This disciplinary action follows an investigation into deposit pricing practices, with the bank confirming that it has since corrected the procedural lapses identified by the board.