The clarification came after media reports suggested that the bank’s audit committee had launched an ‘Internal Vigilance Investigation’ into payments allegedly shown as marketing expenditure. Reports by Fortune India claimed that the transactions were linked to the Maharashtra State Road Development Corporation (MSRDC) and were allegedly used as “differential interest” payments above specified deposit rates.
HDFC Bank rejected the claims and said conclusions should not be drawn from selective material. The reports also affected market sentiment, with the bank’s shares falling around 2.5% during Wednesday’s trading session. Fortune India stated that the allegations could not be independently verified.
HDFC Bank rejects allegations
HDFC Bank on Wednesday denied allegations linked to reported payments worth ₹45 crore allegedly routed through its marketing department to a Maharashtra government agency.
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In a statement, the private lender said, “The bank has robust internal oversight, audit and control processes and systems. All issues are dealt with in accordance with the Bank’s established norms, and the full process is always followed before final determination, after any internal review. We strongly reject any assumptions of wrongdoing or culpability based on selective material.”
Internal investigation
The clarification came after media reports of Fortune India, which claimed that the bank’s audit committee had initiated a formal “Internal Vigilance Investigation” into payments totalling ₹45 crore that were allegedly disguised as marketing expenses.
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The reports of Fortune India noted an internal audit of the bank’s marketing department for FY25 had flagged the transactions and rated the department’s performance as “unsatisfactory”.
The reports of Fortune India further alleged that the payments were linked to the Maharashtra State Road Development Corporation (MSRDC) and routed through the bank’s marketing department instead of being directly credited as interest payments
Shares fall after reports emerge
According to the reprorts of Fortune India, impacted investor sentiment, with HDFC Bank shares falling around 2.5% during Wednesday’s trading session. Despite the controversy, HDFC Bank recently reported strong FY26 financial performance, with deposits rising 14.4% and full-year profit increasing 10.9% year-on-year
