HDB Financial Services sacks 150 employees after a performance review


HDB Financial Services, a non-banking financial arm of HDFC Group, has sacked around 150 employees after a performance review, said sources.


As reported by several media houses, the information pertaining to the layoff is accredited to a company official.

As per the allegations of the sacked employees, the layoffs were made purely due to the economic crisis posed by Covid-19 related lockdown and have no relation with the performance of the employees, however, the official who was quoted by the media widely rejects this allegations(appraisal) as also there were some ethical issues involved with the employees who were sacjed.

A section of the fired employees have posted their allegations on Social Media blaming that they were asked to resign from HDB Financial Services without any notice and were not given any reason for the same.

They alleged on Twitter that the company asked them to file their papers with immediate effect or face termination.

Parent firm HDFC Bank said laying off of the said employees has no connection with the current economic situation, and it contributes to the economy by generating jobs every year.

“What we are seeing is an attempt by a handful of disgruntled employees to take advantage of the current situation. This involves a minuscule number of employees out of the total 1 lakh plus and has nothing to do with the ongoing lockdown or the resulting economic situation,” HDFC Bank said in a statement.

It stated that the headcount at HDBFS increased by 15,794 from 93,373 as on March 31, 2019, to 1,09,167 by March 31, 2020.

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