An investigation by HDFC Bank has revealed evidence of two senior executives sharing confidential business strategies and possible market-sensitive information with external parties, Bloomberg reported.
The executives lead key businesses and functions at the lender, according to people familiar with the matter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
HDFC Bank’s investigation began after concerns emerged among senior leaders that internal information could have been disclosed.
The bank has identified the two executives as part of the review, the people said. Its inquiry is continuing while it examines whether any of the information was used improperly.
An HDFC Bank spokesperson confirmed that the lender had opened an internal review but did not discuss the conclusions reached so far or the identities of those involved.
In an email, the spokesperson said: “In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts.
“Appropriate action will be taken based on the findings, once the review is complete.”
Senior management and some board members received details of the investigation and its findings earlier this year, the people said.
Both executives were later formally notified.
The potential disciplinary response has not been established.
The review comes as HDFC Bank prepares for a change in leadership. Anup Bagchi, a former ICICI Group executive, is scheduled to take over as chief executive on 27 October.
The leadership transition follows disputes in the boardroom and several management departures.
In March, Atanu Chakraborty resigned as chairman, saying that his personal values differed from certain practices at the bank. An independent legal review commissioned by HDFC Bank later found that those concerns were not substantiated.
Bagchi will replace Sashidhar Jagdishan, who chose not to pursue another term as chief executive. Jagdishan is leaving after six years in the position.
Kaizad Bharucha, deputy managing director and one of HDFC Bank’s longest-serving executives, has also sought to depart at the end of December.
