Economy
HDFC Bank Board Fines MD and CFO for Business Overreach
The Times of India1h
THE BRIEF
1
The HDFC Bank board has imposed a penalty of ₹1 lakh each on its Managing Director and Chief Financial Officer following an investigation into business overreach.
2
The board's review concluded that the executives' actions regarding an extra payout to a Maharashtra public sector undertaking involved no mala fide intent or personal enrichment.
3
The penalty follows internal scrutiny of the bank's financial conduct, though the board maintained that the executives did not benefit personally from the unauthorized transaction.