Money & Banking

Few HDB Financial Services employees take to social media after being laid off

Our Bureau Mumbai | Updated on May 10, 2020 Published on May 10, 2020

HDFC Bank says “minuscule” number of employees told to leave as part of annual appraisal process

HDFC Bank on Sunday denied large scale lay offs at HDB Financial Services, even as a section of employees of the NBFC took to social media to report that they had been asked to resign in the wake of the economic slowdown.

Sources said that about 100 were asked to leave as part of the annual appraisal and ethical reasons, which was communicated recently but has nothing to do with the current economic slowdown in the wake of the lockdown and coronavirus pandemic.

But social media including Twitter saw a barrage of complaints from employees of HDB Financial Services who had been asked to leave. Some of these complaints said that as many as 5,000 people had been asked to leave.

However, HDFC Bank in a clarification said that this involves “a minuscule number of employees out of the total one lakh plus and has nothing to do with the online lockdown or the resulting economic situation”.

Calling itself a “responsible employer”, it said that this was an attempt by a handful of “disgruntled employees to take advantage of the current situation”.

The private sector bank said that the employee count at HDB increased by 15,794 to 1,09,167 by March 31 this from 93,373 a year ago.

HDB Financial Services is a non-deposit taking NBFC offering a wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises.

As on March 31, 2020, HDFC Bank held 95.3 per cent stake in the company.

A report by Emkay Global Financial Services after the fourth quarter result of HDFC Bank had noted that HDB Financial Services reported muted growth of six per cent year on year.

Published on May 10, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.