HDFC Bank on Thursday said its part-time chairman and independent director Atanu Chakraborty has resigned with immediate effect, citing concerns over certain practices at the bank that were not in congruence with his personal values and ethics.
In a regulatory filing, the bank said Chakraborty stepped down on March 18. In his resignation letter, he flagged “certain happenings and practices” observed over the past two years as the basis for his decision, adding that there were no other material reasons for his exit.
Chakraborty, who joined the board in May 2021, oversaw key developments during his tenure, including the merger of the bank with HDFC Ltd—a move that created one of India’s largest financial conglomerates and made HDFC Bank the country’s second-largest lender. He noted that the full benefits of the merger are yet to be realised.
The bank’s board placed on record its appreciation for Chakraborty’s contributions and wished him success in his future endeavours.
Before joining HDFC Bank, Atanu Chakraborty served the government of India for 35 years as a bureaucrat. He served the Union of India as Secretary in the Ministry of Finance, in Departments of Economic Affairs as well as Disinvestment. He dealt with coordination of economic policy, management of project finance from multilateral institutions, budget-making, and formulation of policy for capital markets. He also carried out privatization of state-owned enterprises.
Separately, the bank said the Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for a period of three months, effective March 19, 2026.
The leadership transition comes at a time when the bank continues to integrate operations post its merger and focus on unlocking synergies across its expanded business.