HDFC Bank on Wednesday said its chairman Atanu Chakraborty has resigned with immediate effect, with his letter from 17 March to the board citing “certain happenings and practices within the bank” that were “not in congruence” with his personal values and ethics.
In a late-night announcement, India’s largest private sector lender said the Reserve Bank of India (RBI) on Wednesday approved the appointment of board member and HDFC group veteran Keki Mistry as an interim part-time chairman for three months from 19 March.
“We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Chakraborty,” the bank said.
Chakraborty, who had joined the board of HDFC Bank in May 2021, said his tenure 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.”
According to HDFC Bank’s disclosures on its website, Chakraborty has mainly worked in areas of finance and economic policy, infrastructure, and petroleum and natural gas. In the Union government, he held various posts such as secretary in the ministry of finance during FY19-20.
HDFC Bank will soon see another board member exit on account of retirement. In January, the bank said that board member Bhavesh Zaveri will not seek reappointment.
“He seeks to explore opportunities outside the banking sector, including in the group companies, if possible,” it said on 17 January. An executive director of the bank since April 2023, Zaveri heads HDFC Bank’s ATM, operations and administration functions.
