- HDFC Bank's part-time Chairman Atanu Chakraborty resigned citing ideological differences on March 18, 2026
- CEO Sashidhar Jagdishan seeks reappointment, with tenure ending in October pending approvals
- Jagdishan expressed surprise over Chakraborty's exit and said no ethical issues were found internally
The management of HDFC Bank Ltd. was greeted with a not-so-pleasant surprise on March 18, 2026, when part-time Chairman Atanu Chakraborty turned in his resignation citing "ideological" differences. Since then, the management has clarified multiple times that Chakraborty did not mention any particular reason for the same.
Amid all the chaos, the bank's CEO Sashidhar Jagdishan spoke to NDTV Profit about whether or not he would continue in his post and said he is "keen" on being re-appointed, but as of now would let the due process of appointment take its course.
Jagdishan's tenure will end in October this year and may be renewed depending on board and regulatory approvals. "There is a fair amount of robust and very transparent process which is undertaken by the nomination commission of the board," he stated.
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Reiterating his faith in the entity's core business, the CEO said, "HDFC's performance will speak for itself" as the franchise's fundamentals and strength of the remain intact.
Jagdishan highlighted that Chakraborty's exit was a surprise to him and the entire board and that his statement regarding ethical contentions within the bank caused a "furore" among the management itself.
"I think that was a little bit of a surprise for me and entire board. We have had a very constructive relationship over the last years. I guess he seemed to have made up his mind about moving on," the CEO underlined.
On the question of whether he was aware of Reserve Bank of India (RBI) flagging concerns regarding execution last year, he said, "I would have no visibility on any RBI intervention, I am not aware of it in any such matter."
Further, he said that engagements are underway with the large amount of FIIs holding the bank's shares and that they should note if someone with Keki's values has agreed to take on the interim role, then there is no cause of concern.
Earlier in the day, Atanu Chakraborty also spoke to NDTV Profit, highlighting that he is not trying to point out any wrongdoing in the bank and that his decision to resign came solely from ideological differences between him and the entity.
Chakraborty reiterated that he is not pointing out any malpractices within the organisation and that the resignation originated purely out of ideological differences.
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