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The RBI has approved former HDFC Group executive Keki Mistry as interim non-executive chairman for three months.
HDFC Bank
India’s HDFC Bank announced on Tuesday that it has brought in external law firms to review the resignation letter of former part-time chairman Atanu Chakraborty, who left last week citing disagreements with the bank over values and ethics.
The country’s largest private bank had previously said Chakraborty’s sudden departure, which caused shares to drop and raised concerns about governance, might have been due to a conflict between him and management, but added there were no major issues at the bank.
On Tuesday, HDFC Bank said it was hiring both Indian and international firms to look into the letter to strengthen the bank’s strong governance standards. The bank also said Chakraborty did not mention any events or practices that conflicted with his personal values and ethics.
The Reserve Bank of India said last week that HDFC Bank remains systemically important, financially stable, and professionally managed, with no major concerns about its conduct or governance.
The RBI has approved former HDFC Group executive Keki Mistry as interim non-executive chairman for three months.
Chakraborty, who became part-time chairman in April 2021 and was reappointed in May 2024 until May 4, 2027, oversaw HDFC Bank’s $40 billion merger with mortgage lender HDFC Ltd, creating a financial services giant.
HDFC Bank shares have dropped nearly 12% since Chakraborty’s resignation. (Reporting by Chris Thomas in Mexico City; Editing by Sumana Nandy).
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
March 24, 2026, 08:07 IST
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