Atanu Chakraborty Steps Down as Part-time Chairman of HDFC Bank

'Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,' he wrote in his resignation letter.

The Wire Staff

'Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,' he wrote in his resignation letter.

atanu chakraborty steps down as part time chairman of hdfc bank

An HDFC Bank branch located at Dehradun. Photo: Openbook10 - Own work, CC BY-SA 4.0 Wikimedia Commons.

New Delhi: Atanu Chakraborty on Wednesday (March 18) tendered his resignation as the part-time chairman and independent director of HDFC Bank with immediate effect due to ethical reasons. The Reserve Bank of India (RBI) has granted its approval for the appointment of Keki Mistry as an interim part-time chairman of the bank with effect from March 19, for a period of three months.

"Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision. I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty wrote in his resignation letter.

In a filing with the exchanges HDFC Bank underlined that that there are no reasons other than those mentioned in the said letter, for the resignation of’ Chakraborty.

Chakraborty joined the board of HDFC Bank in May 2021. "My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify," he wrote.

While the RBI has approved a transition arrangement for the part-time chairman position, it said it has taken note of the recent developments at HDFC Bank and stated that there are no material concerns regarding its governance or conduct, adding that the bank's financial position remains satisfactory with sufficient liquidity.

“Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance,” the RBI said, in a statement on Thursday.

After his exit, Chakraborty spoke to NDTV Profit and re-iterated that his "ideologies did not match with the organisation".

"HDFC Bank is an organisation I nurtured for five years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways," he told NDTV Profit.

This article went live on March nineteenth, two thousand twenty six, at twenty-seven minutes past twelve at noon.

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