‘Not in congruence with my values and ethics’: Full text of the resignation letter that shook HDFC Bank’s top deck
HDFC Bank’s part-time chairman Atanu Chakraborty has resigned from his post at India’s second largest bank citing differences over “values and ethics”.
In his resignation letter, which HDFC Bank shared with stock exchanges late on Wednesday, Chakraborty did not specify exactly what caused him to resign from his post.
His letter was sent to HK Bhanwala, Chairman of HDFC Bank’s Governance, Nomination and Remuneration Committee.
Chairman Management, Nomination, Remuneration Committee
Subject: Resignation from the position of Part-Time Chairman and Independent Director of the Bank
I hereby submit my resignation from my position as Part Time Chairman and Independent Director on the Board of Directors of HDFC Bank, effective from the date of consideration on the Board of Directors of HDFC Bank.
I joined the Board of HDFC Bank in May 2021. My tenure on the Board witnessed significant events such as the bank’s merger with HDFC Ltd, creating a holding company within the Bank. This strategic initiative has made HDFC Bank the second largest bank in the country. However, the benefits of the merger are not yet fully coming to fruition.
Some of the events and practices I have observed at the bank in the last two years do not coincide with my personal Values and Ethical Values. This is the basis of my said decision.
I confirm that there are no financial grounds for my resignation other than those stated above.
I would like to express my sincere gratitude to the board of directors and senior management for their cooperation and support throughout my tenure. I would like to express my gratitude to all Independent Members and Non-Executive Members who gave their valuable time and assumed heavy responsibilities in the Board of Directors and Committees. It has been a privilege to contribute to the growth and management of the bank. I observed a great deal of energy and enthusiasm at the middle and junior levels of the organization, which should form the core of a redesigned organization. I also place on record my sincere appreciation for the Secretariat, Compliance, Audit and Group oversight functions.
Please instruct the Company Secretary to register this letter and make any necessary notifications to the Registrar of Companies and other regulatory authorities as required by applicable law.
I wish our bank continued success in all its future endeavors.
Part Time President and Independent Director, HDFC Bank”
HDFC Bank shares hit 52-week low
Shares of HDFC Bank fell to a 52-week low in early trade on Thursday as markets reacted sharply to Atanu Chakraborty’s surprise resignation.
Shares of HDFC Bank fell over 8% on the BSE today, hitting a 52-week low. It became the worst performing company in Sensex, which turned into a bloodbath due to Middle East tensions and rising crude oil prices.
In a filing filed late evening, HDFC Bank said Chakraborty has tendered his resignation as Part-Time Chairman and Independent Director of the Bank on March 18, 2026 with immediate effect.
The Reserve Bank of India on 18 March 2026 approved the appointment of Keki Mistry as interim part-time chairman of HDFC Bank for 3 months from 19 March 2026.
