Atanu Chakraborty Resigns: HDFC Bank Chairman Quits Over ‘Ethical Concerns’, ‘Certain Practices’
Atanu Chakraborty resigned as the part-time Chairman and Independent Director of HDFC Bank. In a sharply worded resignation letter, Chakraborty cited a misalignment between his personal values and certain 'internal practices' he observed at the lender over the past two years.
Mumbai, March 19: Atanu Chakraborty resigned as the part-time Chairman and Independent Director of HDFC Bank. In a sharply worded resignation letter, Chakraborty cited a misalignment between his personal values and certain "internal practices" he observed at the lender over the past two years. The bank’s board accepted the resignation with immediate effect and moved quickly to stabilize leadership by appointing HDFC veteran Keki Mistry as the interim part-time Chairman for a period of three months.
The departure of Chakraborty, a former Economic Affairs Secretary and retired 1985-batch IAS officer, has sent ripples through the financial sector. His exit is particularly notable as he had recently been reappointed for a term extending until May 2027. While the bank’s regulatory filing confirmed there were no other "material reasons" for the move beyond those stated, the public mention of ethical incongruence at India’s largest private-sector lender is expected to draw close scrutiny from investors and the Reserve Bank of India (RBI). HDFC Bank Market Valuation Erodes by INR 61,715 Crore This Week, India’s Top 10 Companies Lose INR 4.48 Lakh Crore.
Atanu Chakraborty Resignation Letter Surfaces
HDFC Bank Chairman Atanu Chakraborty Quits, Cites Ethical Concerns
In his formal communication to the board, Chakraborty pointed to specific observations made during his tenure. "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," he stated. While he did not elaborate on the specific incidents, the timeline overlaps with the massive operational integration following the USD 40 billion merger between HDFC Ltd and HDFC Bank.
Chakraborty noted that while the merger made HDFC Bank a global "financial behemoth," the strategic benefits of the deal are "yet to fully fructify." His remarks suggest potential friction at the top management level regarding governance standards or the cultural integration of the two entities. Stock Market Today: Sensex, Nifty Open Higher Despite US-Israel-Iran War, Markets Show Resilience Amid FPI Outflows.
To ensure continuity, the RBI has granted immediate approval for Keki Mistry to lead the board. Mistry, who previously served as the Vice-Chairman and CEO of HDFC Ltd before the 2023 amalgamation, is a deeply respected figure in Indian finance. His appointment is effective from March 19, 2026, and is slated for a three-month duration while the bank searches for a permanent successor.
(The above story first appeared on LatestLY on Mar 19, 2026 07:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).