MUMBAI, March 19 (Reuters) - The abrupt resignation of HDFC Bank's non-executive chairman, who cited differences over values and ethics, has revived governance concerns at India's largest private‑sector lender.
HDFC Bank said the resignation could be due to a rift with the bank's management team, while the central bank said there were no material concerns on record about the bank's conduct.
Below are notable compliance issues at the bank in recent years.
November 2025 - It was fined 9.1 million rupees ($97,550) by the central bank for compliance failures including use of multiple benchmarks in the same loan category and issues around outsourcing know-your-customer compliance.
September 2025 - Dubai's Financial Services Authority restricted a branch from bringing in new clients citing deficiencies in its procedures.
September 2024 - It was fined 10 million rupees by India's central bank for violations of deposit rate rules and falling below standards for debt collection and customer service.
December 2020 - The Indian central bank barred HDFC Bank from issuing new credit cards after repeated IT outages, and flagged persistent weaknesses in its digital infrastructure. The restrictions were lifted in March 2022.
($1 = 93.2880 Indian rupees)
Reporting by Ashwin Manikandan and Gopika Gopakumar; Editing by Edwina Gibbs
Source: Reuters