HDFC Bank said late on Wednesday that its part-time Chairman Atanu Chakraborty has resigned, citing differences with the lender over his “values and ethics”.
“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,” Chakraborty said in his resignation letter, without elaborating further.
The Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for a period of three months, effective March 19, the bank said in a statement to stock exchanges. Chakraborty could not be immediately reached for comment.
The Reserve Bank of India approved Atanu Chakraborty’s appointment as part-time chairman in April 2021 for a three-year term. He was reappointed in May 2024 for a further term extending until May 4, 2027. A 1985-batch IAS officer of the Gujarat cadre, he retired as Secretary of the Department of Economic Affairs in April 2020. He had earlier served as Secretary of the Department of Investment and Public Asset Management (DIPAM), both under the finance ministry.
During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal to create a financial services behemoth.
According to Reuters, US-listed shares of HDFC Bank, India’s largest private-sector lender, fell about 7% following the development. The bank’s shares in Mumbai had closed 0.3% lower earlier on Wednesday.
The bank did not provide additional details on the reasons behind Chakraborty’s resignation.
