HDFC Bank Interim Chair Keki Mistry Expresses Surprise Over Atanu Chakraborty's Resignation

HDFC Bank Governance: RBI Exonerates Bank, Says No Material Concerns

On March 19, HDFC Bank's interim chairman Keki Mistry provided an update on the bank's governance following the resignation of former chairman Atanu Chakraborty. Mistry stated that the Reserve Bank of India (RBI) has no material concerns regarding the bank's governance.

Mistry noted that the merger between HDFC Bank and HDFC Ltd was successful, resulting in a stronger presence for the new entity. The bank's stock was trading 5.25% lower at Rs 798.8 on the National Stock Exchange (NSE) at 3:22 pm.

Mistry expressed confidence in the bank's franchise and management, stating that they will ensure the best standards of governance. He emphasized that he would not have taken up the role if the bank's conduct did not align with his values.

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The board of directors was "baffled" by Chakraborty's resignation, as he failed to provide specific instances of governance concerns when asked. Mistry stated that the board will speak to major shareholders in the coming days to address any reputation damage.

Key Figures:

• HDFC Bank stock price: Rs 798.8 (down 5.25% at 3:22 pm)
• RBI's stance: no material concerns regarding the bank's governance

Company Information:

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• HDFC Bank: interim chairman Keki Mistry
• HDFC Ltd: merged with HDFC Bank
• Reserve Bank of India (RBI): regulatory body