Atanu Chakraborty has resigned as part-time chairman of HDFC Bank Ltd, citing discrepancy between his personal ethics and the internal practices of India’s largest private bank.
“Certain incidents and practices within the bank, which I have witnessed over the last two years, are not in line with my personal values and ethics. This is the basis of my above decision,” Chakraborty said in his resignation letter to the board, a copy of which was shared in an exchange filing on Thursday (March 19, 2026). “I confirm that there are no material reasons for my resignation other than those stated above.”
Keki Mistry, a non-executive non-independent director on the board of HDFC Bank, is taking charge as interim part-time chairman immediately for a period of three months.
HDFC Bank merger: A source of friction?
While Chakraborty praised the “energy and courage” of HDFC Bank’s junior and middle management, his resignation letter suggests friction at the top following the 2023 merger of HDFC Bank and HDFC Bank Ltd, which he oversaw.
He candidly remarked that the strategic benefits of the merger, which created a financial giant and made HDFC Bank the country’s second-largest lender, “are yet to come to full fruition”.
This is a developing story. more to come.
