Atanu Chakraborty has resigned as the part-time chairman of HDFC Bank Ltd. citing a misalignment between his personal ethics and the internal practices of India’s largest private bank.
“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,” Chakraborty said in his resignation letter to the board, a copy of which was shared in an exchange filing on Thursday (19 March 2026). “I confirm that there are no other material reasons for my resignation other than those stated above.”
Keki Mistry, a non-executive non-independent director on the HDFC Bank board 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 verve” of HDFC Bank’s junior and middle management, his resignation letter suggests a friction at the top level following the merger of HDFC Ltd. and HDFC Bank Ltd. in 2023, which he oversaw.
He pointedly remarked that the strategic benefits of the merger, which created a financial behemoth and made HDFC Bank the second-largest lender in the country, are “yet to fully fructify”.
This is a developing story. More to come.
