HDFCBANK — HDFC Bank penalizes CEO, top execs over RBI rule breach; clears path for tenure call

HDFC Bank has imposed a token penalty of ₹1 lakh each on CEO Sashidhar Jagdishan and two other senior executives for violating a Reserve Bank of India directive on deposit interest rates. The bank's board concluded the 2017 and 2021 lapses related to deposits from MSRDC were 'business overreach' rather than misconduct. This action resolves a key pending issue, clearing the way for the board and the RBI to decide on the CEO's reappointment, whose term ends in October 2026.