Atanu Chakraborty’s resignation: HDFC board members assert bank’s corporate governance ‘robust’

Following the resignation of HDFC Bank chairman Atanu Chakraborty, board members of the bank said in a conference call with reporters on Thursday, March 19, 2026, that they were “surprised” by the resignation.

“We are not sure what triggered the resignation,” said Sashidhar Jagdishan, MD and CEO of HDFC Bank.

Meanwhile, interim chairman Keki Mistry said that when the board asked Mr Chakraborty the reason for his resignation, he said “there is no personal reason”. Mr Mistry said the resignation was a “personal relationship issue”, without going into further detail.

He maintained that corporate governance in the bank was sound and the RBI had approved it. “I am 71 years old. I would not have taken on this responsibility if the management of the bank had not been very strong,” Mr. Mistry said.

Mr Mistry said the entire board had given up faith in the bank and its management standards and capital adequacy.

On Wednesday, March 18, 2026, Mr. Chakraborty resigned as part-time chairman and independent director of HDFC Bank, saying: “Some incidents and practices that I have observed in the bank in the last two years are not in line with my personal Values ​​and Ethics. This is the basis of my decision mentioned above.”

“I confirm that there is no other material reason for my resignation other than those stated above,” he said in his resignation letter.

The sudden resignation caused the bank’s share prices to fall by 4.45% as markets opened on Thursday, March 19, 2026.