March 19, 2026 | Mumbai: In a major corporate development, HDFC Bank has announced the resignation of its Part-Time Chairman and Independent Director Atanu Chakraborty, citing ethical concerns and differences with the bank’s functioning.
The sudden exit has raised questions around corporate governance practices at India’s largest private sector bank and is expected to trigger sharp market reactions.
Resignation Linked to Ethics and Governance Issues
In his resignation letter, Chakraborty stated that over the past two years, he observed certain practices and internal developments that conflicted with his personal values and ethical standards.
While appreciating the commitment of independent directors and mid-level employees, he indicated serious disagreements with the top management, bringing internal tensions into the public domain.
RBI Approves Keki Mistry as Interim Chairman
Following the resignation, the bank has appointed veteran banker Keki Mistry as the interim Part-Time Chairman, with approval from the Reserve Bank of India.
This move aims to ensure leadership continuity and regulatory stability during a sensitive phase.
Management Changes Add to Uncertainty
The development comes amid broader leadership churn:
Executive Director Bhavesh Zaveri is set to exit in April
Reports suggest regulatory discomfort regarding his role
Concerns linked to association with vendor firm Orionpro Solutions, which provides tech services to the bank
These developments point to increasing regulatory and governance scrutiny within the bank.
