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HDFC Bank on Wednesday announced that its chairman Atanu Chakraborty has resigned with immediate effect, citing concerns over certain developments within the bank that did not align with his personal values and ethics.
In a regulatory filing issued late Wednesday night, the bank said Chakraborty submitted his resignation letter to the board on March 17. In the letter, he pointed to “certain happenings and practices within the bank” that he had observed over the past two years. “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, adding, “This is the basis of my aforementioned decision.”
The bank clarified that there were no additional reasons behind his departure. “We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Chakraborty,” it said in the filing.
Following the resignation, the Reserve Bank of India has approved the appointment of board member and HDFC group veteran Keki Mistry as interim part-time chairman. His term will begin on March 19 and will last for three months.
Chakraborty joined the board of HDFC Bank in May 2021 and served as part-time chairman and independent director. During his tenure, the bank completed its merger with HDFC Ltd, a move he described as a “momentous event” that positioned the lender as the largest bank in the country, though he noted that the full benefits of the integration are yet to be realised.
In his letter, he also expressed gratitude to colleagues and staff. “I would like to express my sincere appreciation to the Board and senior management for their cooperation and support during my tenure,” he said, while wishing continued success for the institution.
He also requested the company secretary to complete all necessary regulatory filings related to his resignation.
This article was originally
published by the 
