HDFC Bank chairman Atanu Chakraborty resigned due to ‘power struggle’ with CEO Sashidhar Jagdishan: Report
HDFC Bank has approved the appointment of external law firms to conduct a review regarding Atanu Chakraborty's resignation letter.
- Mar 27, 2026,
- Updated Mar 27, 2026 11:17 AM IST
A power struggle between HDFC Bank part-time chairman Atanu Chakraborty and chief executive Sashidhar Jagdishan led to the former’s abrupt resignation, a report stated. This comes after Chakraborty, in his resignation letter, cited “certain happenings and practices within the bank” that were “not in congruence” with his personal values and ethics.
According to a report in Financial Times that cited sources, tensions had been simmering for months due to strategic disagreements, governance issues and the CEOs impending reappointment.
As per the report, the clash was not only on compliance issues. Insiders pointed to a deeper clash over leadership style, strategy and control, which apparently reached its peak with the proposed renewal of Jagdishan’s tenure, which is subject to regulatory approval.
Chakraborty had opposed extending Jagdishan's tenure, but a majority of the board favoured it, the report said.
Meanwhile, HDFC Bank has approved the appointment of external law firms to conduct a review regarding his resignation letter. While Chakraborty said that there were no other material reasons for his resignation, the sudden move sent shockwaves in the financial market, especially due to the mention of “value and ethics”.
The timing was not favouring HDFC Bank too. The stock had slumped at a time when the markets were already under immense pressure owing to the West Asia conflict.
HDFC Bank said the board took a proactive step in approving the appointment of external law firms, both domestic and international. “The said law firms have been advised to provide their report on the same within a reasonable period of time," it said.
A power struggle between HDFC Bank part-time chairman Atanu Chakraborty and chief executive Sashidhar Jagdishan led to the former’s abrupt resignation, a report stated. This comes after Chakraborty, in his resignation letter, cited “certain happenings and practices within the bank” that were “not in congruence” with his personal values and ethics.
According to a report in Financial Times that cited sources, tensions had been simmering for months due to strategic disagreements, governance issues and the CEOs impending reappointment.
As per the report, the clash was not only on compliance issues. Insiders pointed to a deeper clash over leadership style, strategy and control, which apparently reached its peak with the proposed renewal of Jagdishan’s tenure, which is subject to regulatory approval.
Chakraborty had opposed extending Jagdishan's tenure, but a majority of the board favoured it, the report said.
Meanwhile, HDFC Bank has approved the appointment of external law firms to conduct a review regarding his resignation letter. While Chakraborty said that there were no other material reasons for his resignation, the sudden move sent shockwaves in the financial market, especially due to the mention of “value and ethics”.
The timing was not favouring HDFC Bank too. The stock had slumped at a time when the markets were already under immense pressure owing to the West Asia conflict.
HDFC Bank said the board took a proactive step in approving the appointment of external law firms, both domestic and international. “The said law firms have been advised to provide their report on the same within a reasonable period of time," it said.