HDFC Bank Chairman Atanu Chakraborty resigns over 'ethics concerns'

HDFC Bank on Tuesday announced the resignation of its Part-time Chairman and Independent Director, Atanu Chakraborty, with immediate effect, marking a significant shift in the bank’s leadership at a time when it is still navigating the aftermath of its landmark merger. In his resignation letter dated March 17, Chakraborty pointed to a divergence between his personal ethical framework and certain internal practices he had observed over the past two years. He said these concerns compelled him to step down, adding that there were no other material reasons behind his decision. Chakraborty, who had been associated with the bank since May 2021, played a key role during a transformative phase that included the merger with HDFC Ltd. The consolidation created one of India’s largest financial institutions, positioning the bank among the top players in the sector. However, he noted that the full benefits of the merger are yet to be realised.

The development was disclosed to stock exchanges in line with regulatory requirements. The bank confirmed that all necessary compliances under the Securities and Exchange Board of India’s listing regulations had been met, including the filing of the resignation and related disclosures. The Board of Directors acknowledged Chakraborty’s contribution during his tenure, particularly during a period of structural transition. In his farewell communication, he expressed appreciation for the support extended by the Board and senior leadership, and highlighted the role of the bank’s middle and junior management in driving its evolving organisational framework. The exit comes at a critical juncture for the lender as it continues to integrate operations post-merger and sharpen its growth strategy in a competitive banking landscape.