HDFC Bank Under Scanner Over ₹45 Crore Deposit Irregularity Linked To MSRDC
HDFC Bank Under Scanner Over ₹45 Crore Deposit Irregularity Linked To MSRDC
An internal vigilance probe has reportedly revealed serious irregularities in the way HDFC Bank allegedly handled deposits linked to Maharashtra State Road Development Corporation (MSRDC), raising questions over possible RBI rule violations and corporate governance standards.
India’s largest private lender, HDFC Bank, has landed in controversy after an internal vigilance investigation reportedly uncovered suspicious transactions worth nearly ₹45 crore connected to deposits from the Maharashtra State Road Development Corporation (MSRDC). The matter has triggered fresh debate over banking ethics, deposit competition and regulatory compliance in the financial sector.
According to reports, the bank allegedly adopted questionable methods to secure large deposits from MSRDC by offering additional benefits outside standard banking norms. The investigation claims that instead of directly crediting the promised “extra interest” to the government corporation, the payments were routed through vendors under the guise of sponsorship and marketing expenses.
The report states that HDFC Bank’s marketing department allegedly projected these payments as funding for a “road safety campaign.” Investigators suspect that the money circulated through third-party vendors instead of being transparently reflected in official banking transactions.
The alleged irregularities are said to involve violations of RBI norms related to deposit mobilisation and banking transparency. Sources quoted that the matter was not limited to lower-level officials and that senior management members were allegedly aware of the arrangement.
The controversy intensified after former HDFC Bank chairman Atanu Chakraborty reportedly resigned earlier this year. In his resignation communication, he had referred to certain developments within the bank being inconsistent with his personal ethics and values. Following this, the bank’s vigilance department is said to have initiated a deeper internal review.
One of the most striking aspects highlighted in the report is the contrast between the bank’s massive financial strength and the alleged irregularity. As of March 2026, HDFC Bank reportedly held deposits worth nearly ₹31 lakh crore, making the alleged attempts to secure additional deposits through irregular methods even more controversial.
The investigation also reportedly raised concerns over possible misuse of the Input Tax Credit (ITC) mechanism. Sources suspect that some vendors involved in routing payments may have generated questionable invoices, potentially leading to tax-related complications.
Meanwhile, MSRDC officials maintained that the corporation received the agreed interest amount as per official terms and had no role in the bank’s internal processes or arrangements.
The revelations have also impacted investor sentiment, with HDFC Bank shares witnessing a decline after the report surfaced. Market observers say the controversy could invite closer scrutiny from regulators if further evidence emerges.
So far, there has been no official detailed public clarification from the bank on the specific allegations mentioned in the vigilance findings. However, the case has already become one of the most discussed banking controversies in Maharashtra’s financial and corporate circles.
