HDFC Bank board warns MD, CFO; imposes Rs 1 lakh penalty in MSRDC deposit case

4 min readJul 27, 2026 06:21 PM IST Jagdishan's current tenure as MD and CEO of HDFC Bank is scheduled to end on October 26, 2026.The board of HDFC Bank, India’s largest private sector lender, on Monday decided to issue warning letters and imposed a monetary penalty of Rs 1 lakh on three senior employees. They are Managing Director (MD) and Chief Executive Officer (CEO) Sashidhar Jagdishan, Chief Financial Officer Srinivasan Vaidyanathan, and Group Head of Retail Assets Arvind Vohra. The action follows the conclusion of an internal review process pertaining to the bank’s arrangement with the Maharashtra State Road Development Corporation (MSRDC) for garnering deposits in 2017 and 2021.Based on the findings and recommendations of the Special Disciplinary Committee of independent directors,