hdfc bank
HDFC Bank, one of the largest private banks in India, is embroiled in a new controversy. Media reports have claimed that the audit committee of the bank has started an internal investigation regarding suspicious payment of Rs 45 crore. After this news, the bank’s shares fell by about 2 percent on Wednesday.
Payment made in the name of marketing expenses
According to the report, this amount was given to Maharashtra State Road Development Corporation (MSRDC). It is alleged that instead of paying the additional interest payment directly, the bank showed it as marketing expense. For this, road safety awareness campaign was taken and payment was made through four local vendors. Questions were raised on these payments made during FY25 in the internal audit of the bank. In the investigation, the functioning of the marketing department was declared unsatisfactory.
There was a promise of giving 6.01% return
According to media reports, in the year 2021, HDFC Bank had tried to attract large deposits of MSRDC. At that time the bank was offering 3.5% interest on savings accounts, while other institutions were offering more than 6% returns. It was told that MSRDC had demanded a minimum return of 6.01%.
The bank implemented a special interest rate of 4.5% for some time, but it was later discontinued. After this, a plan was made to pay the difference between the promised return and the actual interest rate in some other way.
Names of senior officials in the investigation
The report claims that the bank’s CEO Shashidhar Jagadishan was also involved in the discussions related to this matter. At the same time, the bank’s Chief Marketing Officer Ravi Santhanam admitted during investigation that the marketing department played a role in showing this payment as a marketing expense.
Allegation of violation of RBI rules
The investigation report states that there was a violation of the rules of the Reserve Bank of India (RBI). According to the report, giving separately fixed additional interest to any one customer may be against the rules. Amidst this controversy, the resignation of former bank chairman Atanu Chakraborty is also being considered important. According to reports, HDFC Bank shares have fallen by about 23 percent so far in 2026.
