Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank, effective March 18, 2026. His departure raises significant questions about the bank’s internal practices.
In his resignation letter, Chakraborty expressed concerns over certain happenings within the bank that he observed over the past two years, stating they did not align with his personal values and ethics. He confirmed that there were no other material reasons for his resignation.
The bank has appointed Keki Mistry as interim Part-time Chairman for a period of three months starting March 19, 2026. The Reserve Bank of India has approved this appointment.
Chakraborty joined HDFC Bank’s Board in May 2021, a tenure that included the significant merger of HDFC Bank with HDFC Ltd. This merger created a financial powerhouse, making HDFC Bank the second largest bank in India.
Chakraborty described the merger as a momentous development, noting that the benefits are yet to fully fructify. However, his resignation has drawn attention to internal governance standards at the bank.
The nature of Chakraborty’s remarks in his resignation letter has raised questions about the bank’s governance practices. Investors and analysts are now closely monitoring for further clarity from HDFC Bank or regulators regarding the concerns he flagged.
Chakraborty, a retired IAS officer with over three decades of experience in public policy and financial administration, previously served as Secretary in the Department of Economic Affairs under the Ministry of Finance.
As the banking sector watches closely, the implications of Chakraborty’s resignation could resonate beyond HDFC Bank, prompting discussions on governance standards across the industry.
Details remain unconfirmed.
