Daijiworld Media Network - Mumbai

Mumbai, Mar 19: Atanu Chakraborty on Wednesday resigned as Part-time Chairman and Independent Director of HDFC Bank with immediate effect, citing concerns over practices within the bank that he said were not aligned with his personal values and ethics.

In his resignation letter dated March 18, Chakraborty stated that certain developments and practices he had observed over the past two years were “not in congruence” with his principles. “This is the basis of my aforementioned decision,” he said, adding that there were no other material reasons behind his resignation.

The bank, in a regulatory filing, confirmed that Chakraborty’s exit was solely for the reasons mentioned in his letter.

Following his resignation, the Reserve Bank of India has approved the appointment of Keki Mistry as interim Part-time Chairman of the bank. His tenure will begin March 19, 2026, and will last for a period of three months.

Chakraborty had joined the board of HDFC Bank in May 2021. His tenure witnessed a landmark development—the merger of HDFC Bank with HDFC Ltd—which created one of India’s largest financial conglomerates.

Describing the merger as a “strategic initiative,” Chakraborty noted that it elevated HDFC Bank to become the second-largest bank in the country, although he added that the full benefits of the merger are yet to be realised.

The sudden resignation has drawn attention in banking circles, particularly given the reference to internal practices, even as the bank maintains that no other issues were cited.