HDFC Bank routed ₹45 cr interest to MSRDC as marketing spend, breaching RBI rules
An Indian Express investigation revealed HDFC Bank paid about ₹45 crore of extra interest to Maharashtra State Road Development Corp by disguising the payout as marketing and sponsorship for a road‑safety campaign, violating RBI and internal governance norms. The scheme was approved by senior leadership and surfaced after the bank’s chairman resigned over ethics concerns.