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Informist, Thursday, Mar. 19, 2026

 

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--HDFC Bank: Board and management completely cohesive, united 
--HDFC Bk: To get to root cause of reasons cited in Chakraborty's resignation 
--HDFC Bank: Have strongest form of governance, ethics 
--HDFC Bank:Chakraborty's resignation not due to any regulatory issues at bk 
--HDFC Bank: No contentious bank-linked issues ever discussed at board level 
--HDFC Bank:No major issues at bank, personal difference of opinion possible 
--HDFC Bank: No power struggle at bank, work as cohesive unit 
--HDFC Bk:Chakraborty didn't share any issues when asked while resigning Wed 
--HDFC Bk:Unaware of specifics on issues cited by Chakraborty in resignation 
--HDFC Bank Mistry: Took part-time chairman role as it aligns with principle 
--HDFC Bank: Remain focussed on building long-term legacy of bank 
--CONTEXT: HDFC Bank mgmt in a concall post part-time chairman's resignation 
--HDFC Bank: No material matter, specific issues seen regarding bank ops

 

By Pratiksha and Sunil Raghu

 

NEW DELHI – HDFC Bank's senior management Thursday said it was unaware of specifications related to the issues cited by former director and part-time chairman Atanu Chakraborty in his resignation Wednesday. No specific issues or happenings were brought to the board's attention, the management said in a concall. 

 

On Wednesday, Chakraborty resigned as part-time chairman of the bank, saying, "Certain practices and happenings within the bank" over last two years were not in congruence with his personal "values and ethics." He also confirmed there were no other material reasons for his resignation. Chakraborty had joined HDFC Bank's board in 2021. Following his resignation, the bank has appointed Keki Mistry as interim part-time chairman effective Thursday for three months. 

 

"Based on our discussion, there were no specific happening and practices that were brought to our attention. There were no specific operational or other issues that have been highlighted," the bank said. "The board's oversight management remains fully operational."

 

The private sector bank said Chakraborty did not mention any regulatory aspect of the bank nor did he share any specific issues while resigning. He said that the differences were based on his value system. The management acknowledged that the latest developments were a "little baffling" at this point of time. However, the lender said it would get to the root cause of the reasons cited in Chakraborty's resignation in due course. 

 

"...the board inquired or checked with Mr. Chakraborty on the specific reasons which were where he believed that there was difference between his thinking and the bank thinking. And he did not have anything specific to respond to. There were relationship issues," the management said. 

 

It also mentioned that at the board level, there has never, ever been any kind of a discussion on any matter that is contentious in terms of governance.

 

Mistry said he took up the responsibility of interim part-time chairman of the bank for three months because the systems, processes, and governance practices in the bank aligned with his principles and level of integrity.

 

The lender said there was no power struggle at the bank and that both the bank and the management team worked as a cohesive unit, and would continue to work as one. "...we will have a very intense and cohesive engagement between the management and the board now, which was always the fulcrum for all these years, but even more now in the events that have just developed," it said.

 

The management also assured that the lender has the strongest form of governance, is very strong on ethics, and will continue to work towards building a long-term legacy. 

 

Following the latest development, shares of HDFC Bank fell sharply and were down 5% at INR 804.35 on the National Stock Exchange at 1113 IST. For the December quarter, the private lender had reported a net profit of INR 186.54 billion and total income of INR 900.05 billion.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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