HDFC Bank is investigating a possible leak of confidential information and will decide on further action after completing its internal review, the lender told NDTV Profit.
“In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts,” a bank spokesperson said.
The spokesperson said HDFC Bank would not discuss the ongoing review to protect the process and the privacy of those involved. “Appropriate action will be taken based on the findings, once the review is complete,” the spokesperson said.
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The bank also reiterated its commitment to ethical conduct and governance under its Code of Conduct, adding that it takes reports of potential violations seriously.
The review followed concerns over the alleged disclosure of confidential business strategies and potentially market-sensitive information to outsiders, according to a Bloomberg report citing people familiar with the matter. It also comes ahead of a change at the top of HDFC Bank. Anup Bagchi, a veteran of ICICI Group, is scheduled to take over as chief executive on Oct. 27.
An internal investigation identified two senior executives who allegedly shared confidential business strategies and potentially market-sensitive information with people outside the bank, Bloomberg reported, citing people who requested anonymity because the matter is confidential. The executives oversee key businesses and functions at the lender, according to the report.
The investigation began after some bank leaders raised concerns about possible information leaks. The bank is continuing to examine whether the information was misused, Bloomberg reported.
The lender has faced other leadership changes this year. In March, then-chairman Atanu Chakraborty resigned, citing differences between his personal values and certain practices at the bank. An independent legal review commissioned by HDFC Bank subsequently found that his concerns were not substantiated, according to the report.
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