HDFC Bank part-time chairman Atanu Chakraborty steps down citing ethical concerns, shares fall 7 %
PTC News Desk: HDFC Bank said late Wednesday that its part-time Chairman Atanu Chakraborty has resigned, citing differences with the lender over his “values and ethics.”
In his resignation letter, Chakraborty noted that certain developments and practices within the bank over the past two years did not align with his personal principles, though he did not provide specific details.
Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for three months starting March 19, according to a stock exchange filing.
Chakraborty, a 1985-batch IAS officer from the Gujarat cadre, was first appointed as part-time chairman in April 2021 and reappointed in May 2024 for a term extending until May 2027. Before this role, he served as Secretary of the Department of Economic Affairs and earlier headed the Department of Investment and Public Asset Management under the finance ministry.
During his tenure, HDFC Bank completed its $40 billion merger with HDFC Ltd, creating one of the largest financial services institutions globally.
Following news of his resignation, the bank’s US-listed shares dropped about 7%, while its shares in Mumbai had already closed 0.3% lower earlier that day. The bank has not disclosed further details regarding the reasons behind his exit.
- With inputs from agencies
