HDFC Bank is conducting an internal review into a matter involving the possible disclosure of confidential information, and will take appropriate action based on its findings, the bank said on Wednesday, October 21.
The statement follows a Bloomberg News report that an internal probe at the lender found that two senior executives had disclosed confidential business strategies and potentially market-sensitive information to outsiders, citing people familiar with the matter.
“The Bank is committed to upholding the highest standards of ethics and governance as outlined in our Code of Conduct. We take any report of potential violations seriously,” an HDFC Bank spokesperson said.
“In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts. To protect the integrity of the process and the privacy of all parties involved, we do not comment on active internal reviews. Appropriate action will be taken based on the findings, once the review is complete,” the spokesperson added.
According to the Bloomberg News report, the internal investigation began after some leaders raised concerns about the possibility of information being leaked. The findings were reported to senior management, including some board members, earlier this year, the report said.
The report added that both executives had been formally informed of the findings. It was not immediately clear what disciplinary action, if any, would be taken.
HDFC Bank did not comment on the specific allegations or the reported findings, citing the ongoing review.