HDFC Bank ends MSRDC review, issues penalties

Q: What penalties did HDFC Bank (HDB) impose on executives after the MSRDC review?

The Board decided on warning letters and a monetary penalty of ₹1 lakh for three senior employees: the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets. Other involved employees received warning letters without a stated monetary penalty.

Q: Does the MSRDC matter trigger disclosure obligations for HDFC Bank (HDB)?

HDFC Bank stated the MSRDC matter does not trigger disclosure obligations under applicable regulations, including SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It is being reported voluntarily as a good-governance measure for transparency with the market.

HDFC Bank Limited reported completion of an internal review of its 2017 and 2021 deposit-garnering arrangement with Maharashtra State Road Development Corporation (MSRDC).

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

HDFC Bank Limited reported completion of an internal review of its 2017 and 2021 deposit-garnering arrangement with Maharashtra State Road Development Corporation (MSRDC).

The Board, acting on recommendations of a Special Disciplinary Committee of independent directors, found employees’ conduct amounted to business overreach but not mala fide action, personal enrichment, or improper motive. To address potential divergence with applicable Reserve Bank of India directions, the Board approved warning letters and a monetary penalty of ₹1 lakh for three senior employees – the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets – and warning letters for other involved staff. The Board also directed that the matter be communicated to the Reserve Bank of India. HDFC Bank stated that this issue does not trigger disclosure requirements under regulations including SEBI’s Listing Obligations and Disclosure Requirements and is being shared as a good-governance measure.

Key Figures

Monetary penalty: ₹1 lakh Years of MSRDC deposits: 2017 and 2021 Senior employees penalized: 3 +1 more

4 metrics

Monetary penalty ₹1 lakh Penalty imposed on three senior employees in connection with the MSRDC arrangement

Years of MSRDC deposits 2017 and 2021 Years when deposits were garnered under the MSRDC arrangement reviewed by the Board

Senior employees penalized 3 Number of senior employees receiving a monetary penalty and warning letters

Board decision date July 23, 2026 Date when the Board concluded the review and approved disciplinary actions

Key Terms

business overreach, mala fide, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Special Disciplinary Committee of Independent Directors, +1 more

5 terms

business overreach regulatory

"concluded that the conduct of the employees involved constituted business overreach rather than"

mala fide regulatory

"rather than any mala fide action, personal enrichment, or improper motive"

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regulatory

"does not trigger any disclosure obligation under applicable regulations including SEBI (Listing Obligations"

Special Disciplinary Committee of Independent Directors regulatory

"Based on the findings and recommendation of the Special Disciplinary Committee of Independent Directors"

monetary penalty regulatory

"the Board decided to issue warning letters and monetary penalty of "/u20b91 lakh for three senior employees"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did HDFC Bank (HDB) review regarding the MSRDC arrangement?

HDFC Bank completed an internal review of its arrangement with Maharashtra State Road Development Corporation (MSRDC) for garnering deposits in 2017 and 2021. The review examined employee conduct and compliance with applicable Reserve Bank of India directions related to this deposit-gathering activity.

What was the outcome of HDFC Bank’s (HDB) internal review on the MSRDC arrangement?

The Board, based on a Special Disciplinary Committee of independent directors, concluded employee conduct was business overreach, not mala fide action, personal enrichment, or improper motive. Nevertheless, it approved disciplinary measures and communication of the matter to the Reserve Bank of India.

What penalties did HDFC Bank (HDB) impose on executives after the MSRDC review?

The Board decided on warning letters and a monetary penalty of ₹1 lakh for three senior employees: the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets. Other involved employees received warning letters without a stated monetary penalty.

Does the MSRDC matter trigger disclosure obligations for HDFC Bank (HDB)?

HDFC Bank stated the MSRDC matter does not trigger disclosure obligations under applicable regulations, including SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It is being reported voluntarily as a good-governance measure for transparency with the market.

How is HDFC Bank (HDB) engaging regulators on the MSRDC arrangement issue?

Following the internal review, HDFC Bank’s Board directed that the matter be communicated to the Reserve Bank of India. This step follows the findings and disciplinary decisions related to potential divergence with applicable RBI directions in the MSRDC deposit arrangement.

When did HDFC Bank’s (HDB) Board conclude the MSRDC internal review?

The Board concluded the internal review and decisions on disciplinary action at a meeting held on July 23, 2026. The public statement summarizing the findings and penalties is dated July 27, 2026, from Mumbai and addressed to the New York Stock Exchange.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/27/2026 - 11:19 AM Accepted by SEC EDGAR 07/27/2026 - 11:18 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of July, 2026

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HDFC BANK LIMITED
	(Registrant)

Date: July 27, 2026
	By:	/s/ Ajay Agarwal
	Name:	Ajay Agarwal
	Title:	Company Secretary
		Group Head – Secretarial & Group Oversight

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this report pursuant to the General Instructions for Form 6-K.

Exhibit No. 99

Description

HDFC Bank Limited announces conclusion of internal review pertaining to Maharashtra State Road Development Corporation (“MSRDC”) arrangement.

Exhibit 99

July 27, 2026

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: HDFC Bank Limited announces conclusion of internal review pertaining to Maharashtra State Road Development Corporation (“MSRDC”) arrangement

This is further to our intimation dated May 28, 2026 on the captioned matter.

In connection with the above, please find enclosed the statement from the Bank on the MSRDC arrangement.

Kindly note that this matter does not trigger any disclosure obligation under applicable regulations including SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. However, the same is being disclosed from a good governance perspective.

This is for your information and appropriate dissemination.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Ajay Agarwal

Company Secretary

Group Head – Secretarial & Group Oversight

Public Statement

The Bank today announces conclusion of an internal review process pertaining to the arrangement with Maharashtra State Road Development Corporation (MSRDC) for garnering deposits in 2017 and 2021. Based on the findings and recommendation of the Special Disciplinary Committee of Independent Directors, the Board at its meeting held on July 23, 2026, concluded that the conduct of the employees involved constituted business overreach rather than any mala fide action, personal enrichment, or improper motive. However, keeping in view any potential divergence with the applicable RBI Directions and based on the recommendations of the Special Disciplinary Committee of Independent Directors, the Board decided to issue warning letters and monetary penalty of ₹1 lakh for three senior employees (the Managing Director & CEO, Chief Financial Officer and Group Head – Retail Assets), and warning letters for the remaining employees.

The Board further directed that the matter be communicated to the Reserve Bank of India.

Place: Mumbai

Date: July 27, 2026

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

1 document

Press Releases

EX-99 PRESS RELEASE 6.7 KB