Who is Atanu Chakraborty? HDFC Bank chairman steps down citing 'ethical concerns'

Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Wednesday, drawing sharp attention on Dalal Street and raising several questions around internal practices in the bank. 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."

Following resignation, Atanu Chakraborty told NDTV Profit, "HDFC Bank is an organisation I nurtured for 5 years. I am not pointing out any wrongdoings at the bank. My ideologies did not match with the organisation, and hence it was time to part ways."

Who is Atanu Chakraborty?

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 served as Secretary in the Department of Economic Affairs under the Ministry of Finance and also worked with the Department of Investment and Public Asset Management, where he played a role in the disinvestment programme of the government.

Over the course of his public service career, Chakraborty gained experience across multiple sectors, including finance, petroleum, infrastructure, and industry. His responsibilities ranged from coordinating economic policy and overseeing multilateral project financing to shaping capital market frameworks and managing privatisation efforts.

After retiring from the civil services, Chakraborty transitioned into the corporate sector, leveraging his policy expertise and regulatory experience in board-level roles. He joined the board of HDFC Bank as an independent director in May 2021 and later assumed the position of part-time chairman.

His tenure came during a significant phase for the bank, including its merger with HDFC Ltd. In his resignation letter, Chakraborty termed the merger as a “momentous” development that “created a conglomerate under the bank”, while noting that “the benefits of the merger are yet to fully fructify”.