In a significant development, Atanu Chakraborty has resigned as Part-time Chairman and Independent Director of HDFC Bank on March 18, 2026. His resignation has raised immediate concerns regarding the bank’s internal practices and governance standards.

Chakraborty cited in his resignation letter that “certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.” The bank confirmed that there were no other material reasons for his resignation beyond those stated in his letter.

Following his departure, Keki Mistry has been appointed as interim Part-time Chairman for a period of three months starting March 19, 2026. This transition comes at a crucial time for HDFC Bank, which has recently undergone a significant merger with HDFC Ltd., creating the second-largest bank in India.

Chakraborty joined the Board of HDFC Bank in May 2021 and played a pivotal role during the merger, which he described as a momentous development. He noted that while the merger has positioned HDFC Bank as a major player in the financial sector, “the benefits of the merger are yet to fully fructify.”

His resignation has sparked discussions about the bank’s governance, with analysts questioning the internal practices that led to his decision. The Reserve Bank of India has approved Mistry’s appointment, indicating regulatory support during this transition.

Investors and analysts are now closely monitoring the situation, awaiting further clarity from HDFC Bank or regulators regarding the concerns raised in Chakraborty’s resignation. The nature of his remarks has indeed raised eyebrows and calls for a deeper examination of the bank’s governance standards.

Details remain unconfirmed regarding the specific practices that prompted Chakraborty’s resignation, but the implications for HDFC Bank’s reputation and operational integrity are significant.

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