'Not in congruence with my personal values, ethics': HDFC Bank part-time chairman Atanu Chakraborty quits
The bank disclosed the development in a late-night filing on Wednesday, adding that 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
- Mar 19, 2026,
- Updated Mar 19, 2026 8:11 AM IST
HDFC Bank’s part-time Chairman Atanu Chakraborty has stepped down, citing concerns over internal practices that he said were not aligned with his personal principles, marking an unexpected leadership change at India’s largest private-sector lender.
In his resignation letter, Chakraborty pointed to differences with the bank on issues related to “values and ethics”, without providing specific details.
“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,” Chakraborty said.
The bank disclosed the development in a late-night filing on Wednesday, adding that 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.
Chakraborty could not be immediately reached for comment.
RBI clears interim leadership
Keki Mistry’s appointment comes as a temporary arrangement while the bank navigates the transition following Chakraborty’s exit.
The central bank’s approval ensures continuity in governance at a time when the lender remains a key player in India’s financial system.
Veteran bureaucrat’s tenure
Chakraborty, a 1985-batch IAS officer from the Gujarat cadre, had a long career in government before joining the bank’s board. He retired as Secretary of the Department of Economic Affairs in April 2020 and had earlier served as Secretary of the Department of Investment and Public Asset Management (DIPAM).
He was first appointed as part-time chairman of HDFC Bank in April 2021 for a three-year term. The RBI had approved his reappointment in May 2024, extending his tenure until May 4, 2027.
During his time at the bank, HDFC Bank completed its $40 billion merger with HDFC Ltd, creating one of the largest financial services entities in the country.
Market reaction
The resignation triggered a negative reaction in overseas markets. According to Reuters, US-listed shares of HDFC Bank fell about 7% following the announcement.
The bank’s shares in Mumbai had earlier ended 0.3% lower on Wednesday.
HDFC Bank has not provided further details on the reasons behind Chakraborty’s departure beyond his reference to “values and ethics.”
HDFC Bank’s part-time Chairman Atanu Chakraborty has stepped down, citing concerns over internal practices that he said were not aligned with his personal principles, marking an unexpected leadership change at India’s largest private-sector lender.
In his resignation letter, Chakraborty pointed to differences with the bank on issues related to “values and ethics”, without providing specific details.
“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,” Chakraborty said.
The bank disclosed the development in a late-night filing on Wednesday, adding that 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.
Chakraborty could not be immediately reached for comment.
RBI clears interim leadership
Keki Mistry’s appointment comes as a temporary arrangement while the bank navigates the transition following Chakraborty’s exit.
The central bank’s approval ensures continuity in governance at a time when the lender remains a key player in India’s financial system.
Veteran bureaucrat’s tenure
Chakraborty, a 1985-batch IAS officer from the Gujarat cadre, had a long career in government before joining the bank’s board. He retired as Secretary of the Department of Economic Affairs in April 2020 and had earlier served as Secretary of the Department of Investment and Public Asset Management (DIPAM).
He was first appointed as part-time chairman of HDFC Bank in April 2021 for a three-year term. The RBI had approved his reappointment in May 2024, extending his tenure until May 4, 2027.
During his time at the bank, HDFC Bank completed its $40 billion merger with HDFC Ltd, creating one of the largest financial services entities in the country.
Market reaction
The resignation triggered a negative reaction in overseas markets. According to Reuters, US-listed shares of HDFC Bank fell about 7% following the announcement.
The bank’s shares in Mumbai had earlier ended 0.3% lower on Wednesday.
HDFC Bank has not provided further details on the reasons behind Chakraborty’s departure beyond his reference to “values and ethics.”