3 min readMumbaiUpdated: Mar 19, 2026 12:59 AM IST
HDFC Bank part-time Chairman and Independent Director Atanu Chakraborty has resigned with immediate effect, saying “certain happenings and practices within the bank are not in congruence with my personal values and ethics”.
The Reserve Bank of India has okayed the appointment of Keki Mistry as the interim part-time Chairman of HDFC Bank with effect from March 19 for a period of three months. Mistry was Vice-Chairman of HDFC Ltd before its merger with HDFC Bank.
In a letter to the Chairman of Governance, Nomination, Remuneration Committee of the bank, Chakraborty said, “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. This is the basis of my aforementioned decision.”
“I confirm that there are no other material reasons for my resignation other than those stated above,” he said without going into specific details that led to the resignation. It’s learnt that all was not well on the board about the functioning of the bank for some time.
HDFC Bank is the second largest bank with a market capitalisation of Rs 12.97 lakh crore.
Chakraborty joined the board of HDFC Bank in May 2021. “My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify,” he said in the letter.
“I would like to express my sincere appreciation to the Board and senior management for their cooperation and support during my tenure. I express my gratitude to all the Independent Directors and Non-Executive Directors, who spared their valuable time and shouldered onerous responsibilities on the Board and its Committees,” Chakraborty said.
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In an exchange filing, HDFC Bank said, “We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Chakraborty.”
“Further, Chakraborty does not hold directorship in any other company. The Board of Directors places on record its appreciation for Chakraborty’s contribution to the bank during his tenure and wishes him all the success in his future endeavours,” it said.
Chakraborty is a retired IAS officer of the Gujarat cadre. In the Union Government, he held various posts such as Secretary in the Ministry of Finance (Department of Economic Affairs) during FY 2019-20. As Secretary (DEA), he coordinated economic policy making for all ministries/ departments and managed the entire process of formulation of Budget making, including its passage in Parliament.
During the period 2002-2007, Chakraborty served as Director and subsequently as Joint Secretary, Ministry of Finance (Department of Expenditure). During this period, he appraised projects in the infrastructure sector as well as looked after subsidies of the government. He had also updated and modernised the government’s financial and procurement rules.
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Chakraborty also discharged varied roles in the Gujarat government including heading the Finance Department as its Secretary. He was responsible for piloting the private sector investment legislation in the state. While in Gujarat, he worked on the ground in both public governance and development areas.
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