Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2026
Dharwad consumer commission fines HDFC Bank over extra credit cards
Ruling
The Dharwad District Consumer Disputes Redressal Commission held that HDFC Bank committed a deficiency in service and an unfair trade practice by issuing three credit cards to Kishore Desai, who had applied for only one, and by demanding Rs 72,328 in charges for the additional cards. The commission directed the bank to cancel the two extra credit cards, barred recovery of the Rs 72,328, and ordered the payment of Rs 50,000 as compensation plus Rs 2,000 in litigation costs.
Source excerpt
demanding payment of service charges and other expenses totalling Rs 72,328 in connection with those cards constituted an unfair trade practice
the commission also ordered the HDFC Credit Card Company/Bank to pay Rs 50,000 as compensation and Rs 2,000 towards litigation costs
2026
HDFC Bank sued in US securities class action over alleged MSRDC payment scheme
Lawsuit filed
Investor Jwalant Natvarlal Soneji filed a proposed securities class action in the US District Court for the Southern District of New York on 13 August 2026 against HDFC Bank, MD&CEO Sashidhar Jagdishan and CFO Srinivasan Vaidyanathan, alleging the bank concealed an arrangement involving around ₹45 crore in payments to MSRDC recorded as marketing expenditure and made materially misleading disclosures. HDFC Bank rejected the lawsuit as without merit and said it intends to defend itself vigorously.
Company response
Denial — HDFC Bank
The Bank believes the lawsuit is without merit and intends to vigorously defend itself
Source excerpt
The plaintiff alleges that the Bank and its senior executives violated US securities laws by making materially misleading statements and failing to disclose information regarding the alleged arrangement and related internal control issues.
The Bank believes the lawsuit is without merit and intends to vigorously defend itself
The lawsuit, filed by investor Jwalant Natvarlal Soneji in the US district court for the Southern District of New York, names HDFC Bank, Mr Jagdishan and Mr Vaidyanathan as defendants. The case, Soneji vs HDFC Bank, was filed on 13 August 2026 and has been assigned case number 26-cv-06943.
2026
HDFC Bank probe finds executives leaked confidential information
Issue disclosure
A controversy involving HDFC Bank concerned a probe that, according to reporting by Reuters citing Bloomberg News, found that executives at the bank had leaked confidential information. The reports described the finding of the probe as involving the disclosure of confidential information by executives. The available account did not specify further details beyond the reported finding. The event was reported on October 21, 2026.
Reuters, citing Bloomberg News, reported that an HDFC Bank probe found executives had leaked confidential information.
Company response
Investigation — HDFC Bank
India's HDFC Bank probe finds executives leaked confidential information
Source excerpt
India's HDFC Bank probe finds executives leaked confidential information
2025
Allegations concerning Credit Suisse AT1 bond sales
HDFC Bank's Dubai and Bahrain branches faced allegations that high-risk Credit Suisse Additional Tier 1 bonds were marketed to non-resident customers as safe or fixed-return products without sufficient disclosure. The matter reportedly prompted supervisory scrutiny, an internal investigation and personnel changes.
2023
HDB Financial Services data breach
A breach at HDB Financial Services was reported to have exposed personal and loan-related information associated with a large number of customers.
2021
Auto-loan compliance penalty
The RBI imposed a ₹10 crore penalty for deficiencies and contraventions related to the bank's auto-loan portfolio.
2021
HDFC Bank CEO apologizes for technology outages
Company response
In June 2021, HDFC Bank CEO Sashi Jagdishan apologized to customers and stakeholders for technology outages affecting the bank. He stated that the bank would improve and intensify its efforts to fix the problem. The apology addressed the service disruptions directly and acknowledged the need for stronger remedial action, with the CEO indicating that efforts to resolve the issue would be redoubled.
Stated objective. Fix the technology problem for good.
Company response
Apology — HDFC Bank
As a bank we are certainly sorry for what has happened.
Remediation — HDFC Bank
And have taken this as an opportunity to improve and redouble our efforts to fix this problem for good.
Source excerpt
HDFC Bank MD and CEO Sashi Jagdishan has apologised to the bank's stakeholders and customers after facing flak for repeated tech outages in the last couple of years
As a bank we are certainly sorry for what has happened. And have taken this as an opportunity to improve and redouble our efforts to fix this problem for good.
2021
RBI fines HDFC Bank
Fine or penalty
The Reserve Bank of India imposed a Rs 10 crore penalty on HDFC Bank for contraventions of the Banking Regulation Act, following an examination that found violations involving marketing and sale of third-party non-financial products to bank customers.
Source excerpt
Reserve Bank of India has imposed a Rs 10 crore fine on HDFC Bank.
The central bank said in a statement on Friday.
An examination of documents in the matter of marketing and sale of third-party non-financial products to the bank's customers, arising from a whistleblower complaint to RBI regarding irregularities in the auto loan portfolio of the bank, revealed, inter alia, contravention of the aforesaid provisions of the Act and the regulatory directions,
2020
Regulatory action over technology outages
The RBI cited repeated outages affecting internet banking, mobile banking and payment services when ordering HDFC Bank to stop issuing new credit cards and pause planned Digital 2.0 activities.
2020
Due-diligence penalty
The RBI imposed a monetary penalty after identifying deficiencies in continuing due diligence for 39 current accounts opened for initial-public-offering bidding.