HDFC Bank chairman Atanu Chakraborty quits; Keki Mistry takes charge
19 Mar 2026, 12:00 PMChakraborty cited practices within the bank that did not align with his personal values and ethics.
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In a sudden move, HDFC Bank part-time chairman and independent director Atanu Chakraborty resigned with immediate effect on Wednesday.
In a letter to the Chairman of Governance, Nomination, Remuneration Committee of the bank, Chakraborty said, "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision."
"I confirm that there are no other material reasons for my resignation other than those stated above," he added.
Chakraborty further stated "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify."
Chakraborty joined the board of HDFC Bank in May 2021. Previously, he held the position of secretary in the Ministry of Finance. He also served as an alternate governor on the World Bank Board, and chaired the National Infrastructure Investment Fund. He was a Gujarat Cadre IAS officer.
Following his resignation, HDFC Bank, in an exchange filing, said, "We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Chakraborty. Further, Chakraborty does not hold directorship in any other company."
Keki Mistry, the vice chairman of HDFC Ltd, has been appointed as the interim part-time chairman with effect from March 19 for three months, with approval from the Reserve Bank of India.
The Reserve Bank, in its notification, said that it has taken note of the recent developments in HDFC Bank. A transition arrangement as requested by the Bank has been approved by Reserve Bank as regards the position of part time chairman of the Bank.
"HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team. Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance. The bank remains well-capitalized and the financial position of the bank remains satisfactory with sufficient liquidity," the central bank added.
The Reserve Bank said it will continue to engage with the Board and management on the way forward.
The Bank's shares fell over 8%, following these developments.
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