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Informist, Thursday, Mar. 19, 2026

 

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--HDFC Bank Keki Mistry: Atanu Chakraborty said he had "no particular issues" 
--CONTEXT: Comments by HDFC Bank management in virtual press conference 
--HDFC Bank: Management will speak to major shareholders over 1-2 days 
--HDFC Bank: Board will meet soon to discuss way forward 
--HDFC Bank: Board's committee  to meet in a month, recommend member names 
--HDFC Bank: RBI did not flag any issues related to bank 
--HDFC Bank: Have not discussed CEO Jagdishan's reappointment so far 
--HDFC Bank Keki Mistry:Not keen on being part-time chairman beyond 3 months

 

MUMBAI – Keki Mistry, HDFC Bank Ltd.'s interim part-time chairman, Thursday said he is not keen to continue in the current role beyond the Reserve Bank of India-approved timeline of three months. Mistry told a virtual press conference that his focus is to bring stability during his tenure as part-time chairman of the bank. He was appointed chairman for three months after Atanu Chakraborty resigned, citing differences in "values and ethics".

 

Chakraborty's resignation letter has created doubts among the public about governance and other issues at the country's largest private-sector bank. However, board members repeatedly said at the press conference that there are no material issues at the bank.

 

"...small, small issues will keep cropping up from time to time, but there is nothing substantive enough to understand why Mr. Chakraborty resigned yesterday and issued the letter," Mistry said. "They (board members) spoke to him repeatedly during the board meeting, saying that if there is an issue please let us know because we would like to address this issue right away, and his response was there was nothing substantive." Asked to elaborate on ethical issues faced, Chakraborty said "nothing", one of the board members said.

 

Members of HDFC Bank's board plan to hold a meeting soon to discuss the way forward and how to deal with the damage done to the bank's reputation. The management also plans to meet major shareholders over a day or two to address any concerns. "...the reputation damage that we talked about is concerned, I'm sure people will understand, especially with the RBI clarification, that there's really nothing serious," Mistry said. Earlier, the RBI had said it had not found any material governance issues at the bank.

 

Asked about the future of several board members who are set to retire or whose terms are to end, Mistry said the nomination and remuneration committee of the board will meet in about a month to recommend board member names. The bank also clarified that it has not discussed the reappointment of Managing Director and Chief Executive Officer Sashidhar Jagdishan, whose term ends in October. Earlier, CNBC-TV18 had reported, quoting sources, that the bank was likely to seek an extension for Jagdishan.

 

The bank's shares fell sharply Thursday as Chakraborty's resignation letter raised concerns around governance at the bank. The stock closed more than 5% lower at INR 798.20 per share on the National Stock Exchange, its lowest closing level in 21 months.  End

 

Reported by Anshul Choudhary and Diksha Tripathy

Edited by Rajeev Pai

 

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