There was a stir in HDFC Bank, one of the country’s largest private banks, when its part-time chairman and independent director Atanu Chakraborty resigned from his post with immediate effect. This resignation given on March 18 has raised many questions in the banking sector, especially when he has cited ethical reasons behind his decision.
Atanu Chakraborty clearly stated in his resignation that in the last two years, some such activities and functioning were seen within the bank, which were not in accordance with his personal values and ethics. For this reason he decided to leave the post. However, he also clarified that there is no other major reason behind his resignation.
Appointment of new interim chairman
Immediately after the resignation, the Reserve Bank of India has approved the proposal of HDFC Bank and appointed Keki Mistry as interim part-time chairman for the next three months from March 19. Now it will be his responsibility to maintain the stability of the bank’s operations during this transition period.
Played an important role in the era of merger
Atanu Chakraborty joined the board of the bank in the year 2021. During his tenure, the historic merger between HDFC Bank and HDFC Limited took place, which made the bank the second largest bank in the country. However, he also said in his letter that the full benefits of this merger are yet to be revealed.
The market was also affected
The effect of his resignation was also visible in the market. HDFC Bank’s American Depository Receipts (ADRs) declined by about 3%. This has increased the concern among investors as to what happened inside the bank due to which the Chairman had to take this step.
Bank’s position still strong
However, amidst all this, the financial performance of the bank remains strong. The bank’s profit increased by 11.5% to Rs 18,654 crore in the third quarter of FY26. At the same time, a good growth has also been recorded in Net Interest Income (NII), which reflects the strong fundamental position of the bank.