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What is the story about?
The Reserve Bank of India governor, Sanjay Malhotra, allayed concerns regarding the country’s largest private lender, HDFC Bank.
“Based on our general supervision, we have not found any material governance or conduct concern in HDFC Bank,” Malhotra said at the presser of the monetary policy committee.
The bank’s former chairman – Atanu Chakraborty – had abruptly quit the bank, stating that his “values and ethics were not in congruence with those of the bank.”
In an exclusive interview with CNBC-TV18 , Chakraborty said the bank had delayed action on the mis-selling of AT-1 bonds.
“he board was seized of this matter [AT-1 bond mis-selling] at least recently, since 2023 when the regulator had raised a concern. Our own Central Bank had raised the issue way back in 2018 and has always brought it up as and when the matter came up. So it's not that, as I said, there was a regulatory focus on this particular matter. I am referring to this matter because others matter I don't wish to discuss, unless they are in public,” he had said.
“Based on our general supervision, we have not found any material governance or conduct concern in HDFC Bank,” Malhotra said at the presser of the monetary policy committee.
The bank’s former chairman – Atanu Chakraborty – had abruptly quit the bank, stating that his “values and ethics were not in congruence with those of the bank.”
In an exclusive interview with CNBC-TV18 , Chakraborty said the bank had delayed action on the mis-selling of AT-1 bonds.
“he board was seized of this matter [AT-1 bond mis-selling] at least recently, since 2023 when the regulator had raised a concern. Our own Central Bank had raised the issue way back in 2018 and has always brought it up as and when the matter came up. So it's not that, as I said, there was a regulatory focus on this particular matter. I am referring to this matter because others matter I don't wish to discuss, unless they are in public,” he had said.
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