HDFC Bank chairman Atanu Chakraborty resigns, cites 'ethical' concerns

In his letter, Chakraborty said he did not agree with certain happenings and practices within the bank in the last two years and therefore decided to step down

• Atanu Chakraborty resigns as HDFC Bank chairman citing ethics
• Keki Mistry appointed interim chairman for three months
• Merger benefits with HDFC Ltd yet to fully fructify

Did our AI summary help?

HDFC Bank’s part-time chairman and independent director Atanu Chakraborty has resigned from his position with immediate effect on March 18, the lender said in a statement. The Reserve Bank of India has granted bank's request to appoint Keki Mistry as the interim part-time chairman effective from March 19 for a period of three months.

Chakraborty, who had joined the bank's board in 2021, said 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 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,” he said in his resignation letter.

HDFC Bank’s American Depositary Receipts (ADRs) were trading around 3 percent lower at 12:30 am IST following Chakraborty's resignation.

Moreover, Chakraborty said that he oversaw "momentum events" like the merger of HDFC Bank and HDFC Ltd in his tenure and pointed out that the full benefits of the strategic move are yet to fully fructify.

"I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like 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 merger are yet to fully fructify," he said in the letter.

The bank said its board of directors place their appreciation on record for Chakraborty's contribution during his tenure. The private lender also claimed that there were no other reasons apart from those mentioned in the resignation letter. “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.

The bank in January this year had 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. The country’s largest private sector lender reported a profit after tax of Rs 18,654 crore for the quarter ended December 31, 2025, up from Rs 16,736 crore in the same period last year.

Net interest income (NII)—a key measure of the bank’s core earnings—rose 6.4 percent year-on-year to Rs 32,620 crore in Q3 FY26, compared with Rs 30,650 crore a year earlier. The bank’s core net interest margin stood at 3.35 percent on total assets and 3.51 percent on interest-earning assets during the quarter.