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HDFC Bank Chairman Resignation: Reasons, Impact, New Appointment
Atanu Chakraborty, part-time chairman of HDFC Bank, has resigned, citing a lack of ethical values. The bank has confirmed his resignation, and the RBI has appointed Keki Mistry as interim chairman for three months.
A significant change has been noted in the functioning of one of India's biggest private sector banks, HDFC Bank. Atanu Chakraborty, a part-time chairman and independent director, has resigned from the board of the bank. His reason for quitting is that some of the things and practices in the bank did not align with his personal values and ethics.
In his resignation note dated March 15, Atanu Chakraborty wrote, "I have been a part-time chairman and independent director of the bank since 2019 and 2018, respectively. The changes that have been visible in the recent past have not aligned with my personal values and ethics, and hence, I have decided to resign as a part-time chairman and independent director of the bank effective immediately." He further added that there was no reason behind his decision to quit the bank.
In his letter, Chakraborty thanked the board and management for their support and praised the energy and potential of the bank's middle- and junior-level employees. He stated that this team could lay the foundation for a new and better organization in the future.
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Chakraborty joined the bank's board in May 2021, and during his tenure, the bank's historic merger with HDFC Limited took place. Following this merger, HDFC Bank emerged as the country's second-largest lender, although he also indicated that the full benefits of this merger are yet to be realized.
On March 18, HDFC Bank issued an official statement confirming his resignation, stating that there were no other reasons beyond Chakraborty's stated reasons. The bank also expressed gratitude for his contributions during his tenure.
Following the resignation, the Reserve Bank of India approved the appointment of Keki Mistry as interim part-time chairman for a period of three months, effective March 19, 2026. This resignation comes at a time when scrutiny of corporate governance at large financial institutions is increasing. Citing ethical lapses, this resignation could raise many questions in the market and among investors.
