Atanu Chakraborty has resigned as Part-time Chairman of HDFC Bank, citing ethical concerns. Keki Mistry will take over as interim chairman.
“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,” stated Atanu Chakraborty, who resigned as Part-time Chairman and Independent Director of HDFC Bank on March 18, 2026.
Chakraborty’s resignation comes amid significant changes within the bank, including its recent merger with HDFC Ltd, which he noted made HDFC Bank the second largest bank in the country. However, he acknowledged that the benefits of the merger are yet to fully fructify.
Joining the Board of HDFC Bank in May 2021, Chakraborty was appointed as part-time chairman in April 2021 for a three-year term, which was later extended in May 2024 until May 4, 2027. His tenure has been marked by pivotal developments, including the $40 billion merger that reshaped the bank’s landscape.
Following the announcement of his resignation, HDFC Bank’s US-listed shares fell approximately 7%, while shares in Mumbai closed 0.3% lower prior to the announcement.
In a statement, HDFC Bank confirmed, “We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Mr. Chakraborty.” This statement underscores the focus on ethical governance within the organization.
Chakraborty, a 1985-batch IAS officer of the Gujarat cadre, retired as Secretary of the Department of Economic Affairs in April 2020. His leadership during the merger and subsequent developments has been closely scrutinized.
As HDFC Bank transitions to new leadership, the Reserve Bank of India has approved Keki Mistry as interim Part-time Chairman, effective March 19, 2026, for a period of three months.
Chakraborty could not be immediately reached for comment, and details remain unconfirmed regarding the specific ethical concerns that led to his resignation.
The banking sector will be watching closely as HDFC Bank navigates this leadership change and the ongoing impacts of the merger.
