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In his resignation letter, Chakraborty said certain practices in the bank were “not in congruence with my personal values and ethics.”
HDFC Bank chairman Atanu Chakraborty resigned on Wednesday. (File)
Atanu Chakraborty on Wednesday tendered his resignation as the interim chairman and independent director of HDFC Bank with immediate effect, saying he did not agree with certain happenings and practices within the bank in the last two years and therefore decided to step down.
“Certain happenings and practices within the bank, that I have observed over the 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 said in his resignation letter.
The Reserve Bank of India (RBI) has granted the bank’s request to appoint Keki Mistry as the interim part-time chairman, effective from March 19, for a period of three months. HDFC Bank’s American Depositary Receipts (ADRs) were trading around 3% lower at 12:30 am (Indian time) after Chakraborty’s resignation.
Chakraborty was appointed as part-time chairman in April 2021 for a three-year term, and reappointed in May 2024 for a further term extending through May 4, 2027. During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal.
“I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like the 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 the merger are yet to fully fructify,” he said in his letter.
The bank said its board of directors place their appreciation on record for Chakraborty’s contribution during his tenure. “We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Mr. Chakraborty. Further, Mr. Chakraborty does not hold directorship in any other company,” the bank’s statement said.
In January, the bank posted an 11.5% year-on-year increase in standalone net profit for the third quarter of FY26, aided by steady core income growth, robust deposit mobilisation and stable asset quality, even as margins remained under pressure.
Net interest income (NII), the bank’s key earnings metric, rose 6.4% year-on-year to Rs 32,615 crore in Q3 FY26, aided by steady loan growth and well-managed funding costs. Total income for the quarter increased to Rs 90,005 crore, compared with Rs 87,460 crore in the year-ago period.
March 19, 2026, 03:15 IST
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