HDB Financial Services is the NBFC arm of HDFC Bank and largely operates in collections of loans. It has recently asked several employees across the country to quit during the ongoing Covid-19 lockdown. However, there has been no official statement either from HDFC Bank or from HDB Financial Services. Things went public when a clutch of sacked employees of HDB Financial Services took to Twitter about the treatment meted out to them. In fact, some ex employees have confirmed that the number of persons laid off could be as high as 5,000. However, HDFC Bank and HDB have denied such mass retrenchments. However, the collections business has been extremely tough with lower income levels leading to a spate of defaults and the banks forced to offer EMI deferral to most borrowers. Employees had confirmed that most of the laid off persons were paid 2-3 months of salary and terminated. HDB employs over 65,000 employees on its rolls. HDFC Bank holds 95.3% stake in HDB Financial Services Ltd. This is one of the big companies slated for an IPO shortly.