Mumbai: HDFC Bank has initiated a probe into suspected leaks of confidential information to social media and outsiders, as the country's largest private sector lender seeks to make a fresh start amid a series of governance-related controversies, people familiar with the matter said.
The review, undertaken as part of efforts to strengthen internal controls and restore confidence in the bank's governance practices, includes scrutiny of email communications involving some senior management personnel, the people said.
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Among the matters being examined are suspected leaks of internal information relating to regulatory action against the bank's Dubai operations, fee payments linked to the Maharashtra State Road Development Corporation (MSRDC), disagreements involving senior executives and differences between outgoing CEO Sashidhar Jagdishan and former chairman Atanu Chakraborty, the people said.
The objective is to establish how sensitive internal records found its way into the public domain and whether employees breached confidentiality obligations or the bank's code of conduct. The review is also intended to reinforce accountability and ensure that the incoming leadership begins its tenure with stronger internal governance controls, the people added.
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HDFC Bank has separately confirmed that an internal review is underway into potential violations of its code of conduct and governance standards, following allegations of confidential business information being shared with outsiders by two senior executives. "We take any report of potential violations seriously. In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts," HDFC Bank said.