Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank on March 18, 2026. His resignation has drawn attention due to his concerns over certain practices within the bank that he stated did not align with his personal values and ethics.
In his resignation letter, Chakraborty emphasized, “Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics.” The bank has confirmed that there are no other material reasons for his resignation other than those stated in his letter.
Keki Mistry has been appointed as the 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 following Chakraborty’s resignation.
Chakraborty joined the Board of HDFC Bank in May 2021, and his tenure included the significant merger of HDFC Bank with HDFC Ltd. This merger created a conglomerate under HDFC Bank, making it the second largest bank in India. Chakraborty described the merger as a momentous development, noting that the benefits are yet to fully fructify.
His remarks in the resignation letter have raised questions about the bank’s governance standards. Analysts and investors are likely to scrutinize the bank’s response to these concerns, as the nature of Chakraborty’s comments suggests deeper issues within the organization.
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. His departure marks a significant moment for HDFC Bank, as it navigates the implications of his resignation.
Investors and analysts will watch for further clarity from the bank or regulators regarding the concerns flagged in the resignation. The situation remains fluid as stakeholders seek to understand the potential impact on the bank’s operations and governance.
Details remain unconfirmed regarding the specific practices that led to Chakraborty’s resignation, but the implications for HDFC Bank’s governance and operational integrity are already being discussed in financial circles.
