HDFC Bank Denies Alleged Misconduct Over Rs 45 Crore Payments

HDFC Bank has dismissed allegations of misconduct related to payments allegedly funneled through its marketing department to a Maharashtra government agency, amounting to Rs 45 crore. The bank emphasizes its strong internal controls. This issue has arisen following the unexpected resignation of its part-time chairman Atanu Chakraborty.

HDFC Bank, India's major private lender, has firmly denied allegations of irregularities concerning Rs 45 crore allegedly channeled through its marketing division to Maharashtra State Road Development Corporation, a government entity. The bank maintains its robust internal checks ensure adherence to all processes before concluding any internal reviews.

Following media reports suggesting that the bank's audit committee had begun a formal internal investigation into these payments, HDFC Bank issued a statement rejecting any notions of impropriety. This development comes in the wake of the sudden resignation of part-time chairman Atanu Chakraborty, who stepped down citing ethical concerns, a move that has sparked concerns over the bank's governance.