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Informist, Thursday, Mar. 19, 2026

 

--Banking secy: HDFC Bank strong with strong financial fundamentals

 

NEW DELHI – HDFC Bank Ltd. is a strong institution with strong financial fundamentals, Department of Financial Services Secretary M. Nagaraju said Thursday. This comes in the wake of the bank's director and part-time chairman, Atanu Chakraborty, resigning from his post on Wednesday with immediate effect. Earlier in the day, the Reserve Bank of India issued a statement saying it will continue to engage with the bank's board and management on the way forward.

 

Chakraborty resigned as part-time chairman saying "certain practices and happenings within the bank" over the last two years were not in congruence with his personal "values and ethics." He also confirmed that there were no other material reasons for his resignation. Chakraborty had joined HDFC Bank's board in 2021.

 

In a conference call Thursday, 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 the differences were based on his value system, the bank's management said. The bank 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 by Chakraborty for his resignation in due course.

 

Reacting to the latest development, shares of HDFC Bank fell sharply and were down 5% at INR 800 on the National Stock Exchange, at 1529 IST.  End

 

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

 

Reported by Sagar Sen  

Edited by Tanima Banerjee

 

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