'No material concerns': New HDFC chairman breaks silence after sudden resignation of Atanu Chakraborty
&imwidth=600&imheight=450&format=webp&quality=medium "'No material concerns': New HDFC chairman breaks silence after sudden resignation of Atanu Chakraborty")
File photo of HDFC Bank’s newly appointed interim chairman Keki Mistry. Photograph: (X/@PublicNewsX)
HDFC Bank’s newly appointed interim chairman, Keki Mistry, on Thursday reassured investors and stakeholders that the bank remains stable and the board is firmly committed to preserving confidence in the country’s largest private-sector lender.
After the sudden resignation of chairman Atanu Chakraborty over differences on “values and ethics”, HDFC Bank’s newly appointed interim chairman Keki Mistry on Thursday reassured investors and stakeholders, confirming that the bank remains stable and there are no material concerns. He said the board is firmly committed to preserving confidence in the country’s largest private-sector lender.
“The board remains committed to safeguarding investor confidence,” Mistry said, and added the bank would like to assure all stakeholders that there were “no material matters at this point in time”.
HDFC Bank’s chief executive also underscored continuity in the operations of the lender. “We will continue to ensure that trust in the bank is maintained,” the CEO said. His remarks came shortly after Atanu Chakraborty resigned with immediate effect, citing ethical concerns in a letter dated March 17.
Atanu Chakraborty cites several concerns
Atanu Chakraborty flagged several concerns in his resignation letter over the internal mechanism of the bank. "Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," Chakraborty said in a letter to the Chairman of Governance, Nomination, and Remuneration Committee of the bank.
Chakraborty further wrote in the letter, "My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though the benefits of the merger are yet to fully fructify."
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Chakraborty is a retired 1985-batch Indian Administrative Service (IAS) officer from the Gujarat cadre, with more than 30 years of experience in public policy and financial administration. He graduated in electronics and communication engineering from the National Institute of Technology, Kurukshetra and completed his MBA from the University of Hull in the United Kingdom.
He had been serving as part-time chairman since April 2021 and was reappointed in May 2024 for a term extending to May 2027. During his tenure, HDFC Bank completed its landmark merger with Housing Development Finance Corporation, forming one of the world’s largest financial services groups.
