The All India Bank Employees’ Association (AIBEA) has written to Finance Minister Nirmala Sitharaman seeking immediate regulatory intervention following the resignation of HDFC Bank’s part-time chairman and independent director.
The union has flagged deep concern over the exit, noting that the resignation letter explicitly referred to happenings and practices within the bank that were not in line with the director’s personal values and ethics.
Highlighting that HDFC Bank is classified as a Domestic Systemically Important Bank (D-SIB) by the Reserve Bank of India, AIBEA said the issues raised point to potential concerns around governance standards and systemic stability.
The bank has a large footprint, serving over 120 million customers through more than 9,600 branches. With deposits of over Rs 27 lakh crore and total business exceeding Rs 53 lakh crore, the union underlined that the institution operates at a massive scale, largely handling public money.
While the RBI has sought to reassure depositors on safety, AIBEA said the absence of clarity on the internal practices flagged by a senior-level executive could impact public confidence.
The association has urged the government to initiate a detailed probe into the matter, review the bank’s risk management practices, and ensure transparency through public disclosure of findings. It has also suggested that, if required, the issue be examined by Parliamentary committees or agencies such as the Central Bureau of Investigation.