Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank effective March 18, 2026. In his resignation letter, Chakraborty cited concerns over certain practices within the bank that he felt did not align with his personal values and ethics.

The bank confirmed that there were no other material reasons for Chakraborty’s resignation beyond those he stated. Following his departure, Keki Mistry has been appointed as interim Part-time Chairman for a period of three months, starting March 19, 2026.

Chakraborty joined the Board of HDFC Bank in May 2021 and played a significant role during his tenure, which included overseeing the merger of HDFC Bank with HDFC Ltd. This merger resulted in the creation of a conglomerate under HDFC Bank, making it the second largest bank in India.

Chakraborty, a retired IAS officer, has over three decades of experience in public policy and financial administration. He previously served as Secretary in the Department of Economic Affairs under the Ministry of Finance.

In his resignation letter, Chakraborty remarked, “Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.” He further confirmed, “I confirm that there are no other material reasons for my resignation other than those stated above.”

He described the merger as a momentous development, noting that while it made HDFC Bank the second largest bank in the country, the benefits of the merger are yet to fully fructify.

The nature of Chakraborty’s remarks in his resignation letter has raised questions about the bank’s governance standards. Investors and analysts will be closely monitoring for further clarity from HDFC Bank or regulators regarding the concerns he flagged.

The Reserve Bank of India has approved Keki Mistry’s appointment as interim chairman following Chakraborty’s resignation. This transition comes at a critical time as the bank navigates the implications of its recent merger and the internal challenges highlighted by Chakraborty.

Chakraborty’s resignation has drawn significant attention to internal practices at HDFC Bank, prompting discussions about governance and ethical standards within the organization.

Details remain unconfirmed.

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