Who Is HDFC Bank’s Part-Time Chairman Atanu Chakraborty? Resigns Over Ethical Reasons | Check Here

HDFC Bank announces the resignation of Atanu Chakraborty as part-time chairman citing ethics concerns within the bank. The move underscores leadership friction following the 2023 merger with HDFC Ltd and highlights ongoing discussions about integration progress and governance, with an interim chair appointed to oversee the board.

Atanu Chakraborty has stepped down as part-time chairman of HDFC Bank Ltd., citing ethical concerns with internal practices at India’s largest private lender. Chakraborty informed the board through a resignation letter, which HDFC Bank disclosed in an exchange filing on 19 March 2026.

In the letter, Chakraborty said that personal principles no longer matched what was happening inside the bank. He wrote, "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."

HDFC Bank resignation and merger concerns after HDFC Bank-HDFC Ltd. deal

Chakraborty also clarified that the ethics issue was the sole factor behind the exit. The letter stated, "I confirm that there are no other material reasons for my resignation other than those stated above." The comments signalled an internal disconnect, without naming any individual or department.

The change at HDFC Bank’s board comes less than three years after the merger of HDFC Ltd. and HDFC Bank Ltd. in 2023, a combination that Chakraborty supervised as chair. That transaction created a large financial institution and turned HDFC Bank into the country’s second-largest lender by size.

HDFC Bank resignation highlights leadership friction within HDFC Bank

Despite that scale, Chakraborty indicated that the expected gains from the merger remain incomplete. He remarked that the strategic advantages of bringing HDFC Ltd. and HDFC Bank together are "yet to fully fructify". The observation hinted at differing views within senior leadership on integration progress and outcomes.

Chakraborty, however, acknowledged the efforts of staff below the top tier. He appreciated the "energy and verve" shown by junior and middle management at HDFC Bank. Non-executive non-independent director Keki Mistry has been appointed interim part-time chairman for three months, taking charge with immediate effect while the board considers a longer-term arrangement.