An investigation in this newspaper has revealed that HDFC Bank, India’s largest private-sector bank by assets and market capitalisation, “camouflaged” crores of rupees as marketing spend to pay higher interest to the Maharashtra State Road Development Corporation, a public limited company fully owned by the Government of Maharashtra. The investigation found that on March 12 this year, HDFC’s Audit Committee of the Board (ACB) ordered a formal “Internal Vigilance Investigation” into payments totalling Rs 45 crore made to the MSRDC during FY2024 and FY2025. This money was meant as “differential interest”, that is, interest over and above the........

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