Overview
- Wednesday’s media reports revealed an internal vigilance inquiry that examined roughly Rs 45 crore in payments linked to the Maharashtra State Road Development Corporation, and HDFC Bank shares fell about 2–2.6% on the news.
- The reporting says the sums were treated internally as ‘differential interest’ on MSRDC deposits but were routed through the bank’s marketing department and paid via local vendors as road‑safety sponsorships.
- The vigilance file reportedly flagged potential breaches of RBI rules on differential interest, invoice and input‑tax documentation issues from vendor routing, and possible violations of the bank’s governance and anti‑bribery policies.
- Sources cited in the coverage say senior executives, including the CEO, were identified in the probe; the Audit Committee ordered the internal vigilance investigation on March 12 and part‑time chairman Atanu Chakraborty resigned on March 18 for ethics reasons.
- HDFC Bank has formally denied wrongdoing and said internal processes are being followed, while regulators and independent reviews have not reported public enforcement outcomes so investors should watch for official findings or actions next.