In a significant development in India’s banking sector, Atanu Chakraborty has stepped down as chairman of HDFC Bank with immediate effect, citing ethical concerns.
His resignation, submitted on March 17, highlights “certain happenings and practices” within the bank that he said were not aligned with his personal values.
The bank confirmed the development through a regulatory filing, stating that there were no additional reasons behind the resignation beyond those mentioned in his letter.
Ethical Concerns at the Core of Decision
In his resignation letter, Chakraborty emphasised that his decision followed careful reflection on developments he observed over the past two years. He noted that these issues conflicted with his personal standards of ethics and governance.
While the exact nature of these concerns has not been publicly disclosed, the statement has drawn attention to internal processes within one of India’s largest private sector banks.
Keki Mistry Appointed Interim Chairman
Following the resignation, the Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for a period of three months starting March 19.
Mistry, a veteran associated with the HDFC group, is expected to provide continuity and stability during the transition phase as the bank evaluates its next leadership move.
Leadership During Historic Merger
Chakraborty joined the board of HDFC Bank in May 2021 and played a key role during a transformative period for the institution. His tenure coincided with the landmark merger between HDFC Bank and HDFC Ltd, which created one of the largest financial institutions globally.
He described the merger as a “momentous event,” while acknowledging that the full benefits of integration are still unfolding.
Gratitude and Transition
In his farewell note, Chakraborty expressed appreciation for the support he received from the board, senior management, and employees during his tenure. He also extended his best wishes for the bank’s continued growth and success.
The resignation marks an important leadership transition at a time when the bank continues to consolidate its position in India’s financial ecosystem.
