150 asked to resign at HDB Financial Services, based on performance review

The employees accuse the Company of laying them off due to the weak financial situation resulting from the lockdown.


HDB Financial Services has asked almost 150 employees to resign following a performance review. However, the employees who were asked to submit their resignations accuse the non-banking financial arm of the HDFC Group of laying them off amidst the economic crisis that has resulted from the pandemic and related lockdown.

The Company, however, maintains that these terminations are a part of its usual annual performance review, and that there were also some ethics-related issues with the said employees.

The terminated staff members have expressed their anger on social media platforms, pointing out that they were not given any warning or notice; that they were apparently asked to resign immediately or risk termination. The employees feel it is unfair of the Company to ask them to quit at a time when finding another job will be a huge challenge.

HDFC Bank, the parent company, maintains that these layoffs are not related to the weak economic situation being faced presently, and that it has been regularly creating new jobs every year, and doing its bit for the growth of the economy just as any other responsible organisation.

It also asserted that the employees who have been asked to leave had been under surveillance for their performance and had been warned of strict action very much in advance. An official statement by HDFC Bank points out that the employees who have been asked to resign form a very small part of the Group’s huge workforce of over a lakh employees; and that their resignations have nothing to do with the pandemic-related lockdown or its economic repercussions.

However, many of the resentful employees alleged that they have been working sincerely from home even through the lockdown period, and will not take this lying down. Some refuse to resign and plan to seek a formal termination letter from the Company clearly stating the reason for termination.

A few employees have sought Government intervention, and have tagged the prime minister and the finance minister in their tweets.

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