Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank on March 18, 2026. His resignation comes amid concerns over certain practices within the bank that he stated do not align with his personal values and ethics.
The bank confirmed that there were no other material reasons for Chakraborty’s resignation other than those mentioned in his resignation letter. Chakraborty, who joined the Board of HDFC Bank in May 2021, highlighted that he had observed these practices over the past two years.
Chakraborty’s tenure included the significant merger of HDFC Bank with HDFC Ltd., which created a conglomerate and made HDFC Bank the second largest bank in India. He described the merger as a momentous development, noting that the benefits are yet to fully fructify.
In his resignation letter, Chakraborty stated, “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 further confirmed, “I confirm that there are no other material reasons for my resignation other than those stated above.”
The nature of Chakraborty’s remarks has raised questions about the bank’s governance standards. Investors and analysts are expected to closely monitor for further clarity from the bank or regulators regarding the concerns he flagged.
Following Chakraborty’s departure, Keki Mistry has been appointed as interim Part-time Chairman of HDFC Bank for a period of three months starting March 19, 2026. The Reserve Bank of India has approved this appointment.
Chakraborty is a retired IAS officer with over three decades of experience in public policy and financial administration, having served as Secretary in the Department of Economic Affairs under the Ministry of Finance.
This development has drawn attention to internal practices at HDFC Bank, and the implications of Chakraborty’s resignation could be significant for the bank’s governance and operational integrity.
Details remain unconfirmed regarding the specific practices that led to his resignation, but the situation is being closely watched by stakeholders in the banking sector.
