Atanu Chakraborty resigned as part-time chairman of HDFC Bank Ltd. on Wedesday, citing concerns over practices that he said were not aligned with his personal values and ethics. In his resignation note, Chakraborty stated that his decision was driven by issues related to principles rather than any operational or material factors. He clarified that there were “no other material reasons” behind his move.
Chakraborty, a former bureaucrat and seasoned financial sector professional who joined India's largest private sector bank in May 2021, expressed gratitude to the board and management for their support during his tenure. He acknowledged the cooperation extended to him while serving in the leadership role.
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"My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify. Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision. I confirm that there are no other material reasons for my resignation other than those stated above," the letter said.
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Keki Mistry has taken over as interim part-time chairman for a period of three months after the Reserve Bank of India on March 18.
Shares of HDFC Bank settled flat at Rs 843.05 on Wednesday, ahead of the announcement, compared to a 0.8% rise in the benchmark Nifty 50. The stock is down 15% year-to-date.
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