HDFC Bank Ltd. (HDB,HDFCBANK) Friday said that the internal review conducted following the recent controversy regarding extra interest payments as marketing expenses in dealings with Maharashtra State Road Development Corporation, or MSRDC, to the tune of Rs 45 crore, revealed that they have no material impact.
In an official statement, the bank said that it has "robust internal oversight, audit and control processes and systems," and all issues are handled according to established procedures and governance norms, and conclusions should not be drawn from "selective material" in media reports.
HDFC Bank said that internal reviews are part of all normal governance processes, and proper procedures are followed before any final decision is made.
On the NYSE, HDB ended Thursday's trading at $23.56, down 0.50 percent. In overnight trading, the stock was up 1.3 percent at $23.96.
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