HDFC Bank Executive Resigns Citing Mismatch with Corporate Values

HDFC Bank Resignation and Governance Update

Key Figures:

• Atanu Chakraborty: Part-time Chairman and Independent Director of HDFC Bank
• H K Bhanwala: Chairman of Governance, Nomination, Remuneration Committee of HDFC Bank
• Keki Mistry: Interim Part-time Chairman of HDFC Bank

Resignation and Governance Update

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Atanu Chakraborty, Part-time Chairman and Independent Director of HDFC Bank, has resigned from his post with immediate effect, citing differences over "values and ethics". The resignation letter, dated March 18, 2026, was addressed to H K Bhanwala, Chairman of Governance, Nomination, Remuneration Committee of HDFC Bank.

Resignation Reasons

Mr. Chakraborty's resignation is based on certain happenings and practices within the bank that are not in congruence with his personal values and ethics. He joined the Board of HDFC Bank in May 2021 and served during a period of significant events, including the merger with HDFC Ltd, which created a conglomerate under the bank.

Market Reaction

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Shares of HDFC Bank nosedived to a 52-week low during early trade on Thursday, with a decline of over 8%. The Reserve Bank of India has granted its approval for the appointment of Keki Mistry as an interim part-time chairman of HDFC Bank with effect from March 19, 2026, for a period of 3 months.

Timeline:

• March 18, 2026: Atanu Chakraborty tenders his resignation as Part-time Chairman and Independent Director of HDFC Bank
• March 18, 2026: Reserve Bank of India grants approval for the appointment of Keki Mistry as interim part-time chairman of HDFC Bank
• March 19, 2026: Keki Mistry takes over as interim part-time chairman of HDFC Bank