HDFC Bank chief Atanu Chakraborty steps down, cites ethical concerns

HDFC Bank on Wednesday said its chairman Atanu Chakraborty has resigned with immediate effect, citing concerns over certain developments within the bank that were not aligned with his personal values and ethics.

In a late-night regulatory filing, the lender said the Reserve Bank of India has approved the appointment of board member and HDFC group veteran Keki Mistry as interim part-time chairman for three months starting March 19.

The bank said Chakraborty submitted his resignation letter on March 17, adding that there were no reasons beyond those stated in his letter.

Ethical concerns cited

In his communication to the board’s governance, nomination and remuneration committee, Chakraborty said his decision followed observations over the past two years that conflicted with his personal values.

“Certain happenings and practices within the bank… are not in congruence with my personal values and ethics,” he wrote, reiterating that this was the sole reason for stepping down.

Oversaw landmark merger

Chakraborty joined the board in May 2021 as part-time chairman and independent director. During his tenure, the bank completed its landmark merger with HDFC Ltd, creating one of the world’s largest financial institutions.

He described the merger as a “momentous event” that made HDFC Bank the largest bank in India, while noting that the full benefits of the integration are yet to be realised.

Thanks board, staff

Chakraborty expressed gratitude to the board, senior management and employees for their support and professionalism, and wished the bank continued success.

He also requested company secretary Kunal Parekh to formally record his resignation and complete regulatory filings with the relevant authorities.