'Extra payout' to Maharashtra PSU: HDFC board slaps Rs 1 lakh fines on MD, CFO

MUMBAI: HDFC Bank's board on Monday imposed a penalty of Rs 1 lakh each on managing director & CEO Sashidhar Jagdishan, chief financial officer Srinivasan Vaidyanathan and group head of retail assets Arvind Vohra, and also issued warning letters following an internal review of the bank's deposit arrangements with Maharashtra State Road Development Corporation in 2017 and 2021.