HDFC Chairman Resigns as Atanu Chakraborty steps down from his role as part-time chairman and independent director of HDFC Bank with immediate effect. His sudden resignation has raised questions about governance in one of India’s biggest banks.

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Reason Behind the Resignation

Chakraborty said his decision was based on ethical concerns. In his resignation letter, he mentioned that some practices in the bank over the past two years did not match his personal values. He clearly stated that there were no other major reasons, highlighting the importance of strong ethics in leadership roles.

HDFC Chairman Resigns: Interim Chairman Appointed

After his exit, the Reserve Bank of India approved Keki Mistry as the interim part-time chairman. He will serve for three months starting March 19, 2026. This step ensures smooth leadership while the bank looks for a permanent replacement.

Tenure and Key Contributions

Chakraborty joined the board in 2021 and played an important role during a major phase of the bank. His tenure saw the historic merger between HDFC Bank and HDFC Ltd, valued at about $40 billion. This merger created one of India’s largest financial institutions, though its full benefits are still developing.

Market Reaction and Financial Performance

Following the news, HDFC Bank’s American Depositary Receipts fell by around 3% in early trading. However, the bank continues to show stable performance. It reported an 11.5% increase in net profit in Q3 FY26, supported by growth in income and steady asset quality, even though margins are slightly under pressure.