Mumbai16 minutes ago
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Two senior officers of HDFC Bank, the country’s largest private bank, have been accused of leaking business secrets. The bank has started investigation into this matter. Both the officers are handling big departments.
At present, it is being ascertained whether there has been any misuse of the leaked information or not, after which action will be decided against them. Let us tell you that Anup Bagchi will take charge of the bank on 27th October.
Bank’s side: Will take action after completion of investigation
HDFC Bank spokesperson has said that the matter is under investigation. However, the bank refused to provide any information on the names of the officers or what the investigation revealed. The bank says that as soon as the investigation is completed, necessary action will be taken on the basis of the report and they will not compromise on the rules of honest working.
New CEO Anup Bagchi will take command on October 27
This matter has come to light at a time when Anup Bagchi is going to become the new CEO of HDFC Bank on 27th October. Anup Bagchi, who has long experience in ICICI Bank, will be the first outsider to take charge of HDFC Bank. Due to the allegations against senior officers in the bank and the ongoing turmoil, their initial days may be full of challenges.
Resignation of top officials and controversies increased the stir
For the past few months, the internal conflicts within the bank have been coming to the fore:
- Chairman’s resignation: In March this year, the bank’s chairman Atanu Chakraborty suddenly resigned, saying that the bank’s practices were not in line with his principles. However, the bank’s investigation found no truth in his allegations.
- CEO’s decision to step down: Current CEO Shashidhar Jagadeesan suddenly decided not to continue in the post after working for 6 years, following which a search was conducted for a new CEO.
- The Deputy Chief is also leaving: Deputy Managing Director Kaizad Bharucha, a very old and senior officer of the bank, has also decided to step down from the post in December.
Shares fell 28%, company worth Rs 10.86 lakh crore
The total value of HDFC Bank, started in 1994, is about Rs 10.86 lakh crore. However, due to internal disputes and resignations of senior officers, there has been a huge decline of about 28% in its share price this year.
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