HDFC Bank Secret Leak: HDFC Bank, the country’s largest bank by market value, has been known for the last three decades as an institution with extremely safe and robust rules and regulations. With a market value of around $115 billion, the bank is deeply trusted by investors worldwide. But these days this bank is in discussion due to a big controversy that has arisen in its own house. According to a report by the Economic Times, a serious case of leakage of highly sensitive and confidential information from within the bank has come to light.

The secret leak created a frenzy

The whole affair started when some top leaders of the bank suspected that confidential information of the organization was being leaked. Considering the seriousness of the matter, an immediate internal investigation was initiated. People connected to the case, speaking on condition of anonymity, said the investigation had yielded strong evidence. It has been revealed that two senior executives of the bank have passed on confidential business related strategies and sensitive information affecting the market to outsiders. The two officers who have been charged are responsible for the most important functions and operations of the bank.

The bank is still investigating

The internal investigation of the bank is not over yet. The investigation team is now looking into whether there has been any misuse of intelligence given to outsiders. Earlier this year, the inquiry report and related facts were briefed to the bank’s senior management and some board members. After this, both the concerned authorities are also formally informed about the results of the investigation. However, it is not yet clear what disciplinary action will be taken against these two officials.

On the entire issue, an HDFC Bank spokesperson admitted in an email reply that an internal review is underway. An internal investigation is underway to gather and assess all necessary facts as per the bank’s policies, the spokesperson said. After the review is completed, appropriate action will be taken based on the findings. However, the bank declined to comment on the findings of the probe or the names of the officials involved. The bank says it is committed to maintaining the highest standards of ethics and governance and takes any complaint of breach of regulations seriously.

Big challenge for new CEO Anoop Bagchi

In 1994, when India opened its financial sector to private competition, the foundation of HDFC Bank was laid. The bank has always been the first choice for international fund managers looking to invest in growing income and expanding consumer credit in India. For three decades it maintained its image of sound management and steady profits.

But the bank’s shares have seen a massive decline of around 28 per cent this year. Now for the first time an outsider is being made the CEO of a bank. Rival ICICI Group veteran Anoop Bagchi is set to take over as the new CEO of HDFC Bank on October 27.