The Board of Directors of HDFC Bank, during a meeting held on March 23, 2026, approved the appointment of both domestic and international external law firms to conduct a formal review of the allegations raised in Atanu Chakraborty’s resignation letter.
While the bank noted that Chakraborty did not initially specify the exact “happenings and practices” he found objectionable, the board has tasked these external firms with providing a detailed report within a reasonable timeframe to reinforce the lender’s robust standards.
The internal stir began on March 18, 2026, when Atanu Chakraborty abruptly resigned as Part-time Chairman and Independent Director.
In a pointed resignation letter, Chakraborty stated that despite the “momentous” merger with HDFC Ltd—which established the bank as the second-largest in India. He observed practices over the last two years that were not in congruence with his personal values and ethics. He further remarked that the full benefits of the strategic merger had yet to “fully fructify”.
Following the sudden vacancy, the Reserve Bank of India approved the appointment of Keki Mistry as the interim Part-time Chairman for a three-month tenure, effective March 19, 2026.
To maintain investor confidence, the RBI issued a statement on March 19, clarifying that HDFC Bank remains a “Domestic Systemically Important Bank (D-SIB)” with sound financials.
The regulator emphasised that its periodical assessments have found no material concerns regarding the bank’s conduct or governance at this time.
