HDFC Bank has appointed domestic and international law firms to review the resignation letter of former part-time chairman Atanu Chakraborty, who stepped down citing differences over values and ethics.
| Photo Credit:
Dado Ruvic
India’s HDFC Bank said on
Tuesday it has appointed external law firms to review the
resignation letter of former part-time chairman Atanu
Chakraborty, who stepped down last week citing differences with
the lender over “values and ethics”.
The country’s largest private-sector lender had earlier said
that Chakraborty’s abrupt exit, which slammed shares and raised
governance concerns, may have stemmed from a rift between him
and the management, adding there were no material issues at the
bank.
On Tuesday, HDFC Bank said it was hiring both domestic and
international firms to examine the letter “to reinforce the
robust governance standards of the bank”.
It added that Chakraborty “did not mention any happenings
and practices which were not in congruence with his personal
values and ethics”.
The Reserve Bank of India said last week HDFC Bank remained
systemically important, financially sound, and professionally
managed, with “no material concerns on record” regarding its
conduct or governance.
The RBI has approved former long-time HDFC Group executive
Keki Mistry as interim non-executive chairman for three months.
Chakraborty, appointed part-time chairman in April 2021 and
reappointed in May 2024 through May 4, 2027, oversaw HDFC Bank’s
$40 billion merger with mortgage lender HDFC Ltd, creating a
financial services behemoth.
HDFC Bank shares have fallen nearly 12% since Chakraborty’s
resignation.
Published on March 24, 2026
