Atanu Chakraborty: A Legacy in Economic Policy and Banking

Atanu Chakraborty, a prominent figure in Indian economic policy and former IAS officer, recently resigned from HDFC Bank amid ethical concerns. With a career spanning over three decades, he has held significant roles in both state and central governments, contributing to public finance and infrastructure. His tenure at HDFC Bank included overseeing the landmark merger with HDFC Ltd. Explore his journey, achievements, and the implications of his sudden resignation in this detailed overview.

By Narendra Chaudhary Mar 19, 2026, 10:18 IST

Profile of Atanu Chakraborty

Atanu Chakraborty, born on April 5, 1960, is a distinguished former Indian Administrative Service (IAS) officer from the 1985 batch, hailing from the Gujarat cadre. He is well-known for his significant contributions to economic policy, public finance, and infrastructure development. In early 2026, he held the position of part-time Chairman and Independent Director at HDFC Bank until his unexpected resignation on March 18, 2026, which he attributed to ethical concerns regarding practices that conflicted with his personal values.

Chakraborty boasts a career that spans over thirty years in public service, during which he has held pivotal roles in both state and central governments. He earned his degree in Electronics and Communication Engineering from NIT Kurukshetra, followed by an MBA from the University of Hull and a Diploma in Business Finance from ICFAI, Hyderabad.

Within the Gujarat government, he occupied several key positions, such as Secretary (Economic Affairs), Additional Chief Secretary (Industries and Mines), and Managing Director of Gujarat State Petroleum Corporation (GSPC) and Gujarat State Fertilizers and Chemicals (GSFC). These roles provided him with extensive experience in infrastructure, energy, and industrial policy.

Chakraborty later transitioned to the central government, where he managed crucial economic portfolios. From 2018 to 2019, he served as Secretary in the Department of Investment and Public Asset Management (DIPAM), overseeing disinvestment and privatisation initiatives. He then became Secretary of the Department of Economic Affairs (DEA) in the Finance Ministry from July 2019 until his retirement in April 2020, where he was responsible for macroeconomic policy, capital markets, budget processes, and multilateral financing. During this time, he was also a member of the Central Board of Directors of the Reserve Bank of India, contributing to financial stability and policy oversight.

After retiring, he was appointed as part-time non-executive Chairman and Independent Director of HDFC Bank in May 2021, with a second term approved from May 2024 to May 2027. His tenure coincided with significant developments, including the historic merger of HDFC Ltd with HDFC Bank in 2023, which resulted in the formation of one of India’s largest financial institutions. However, his tenure came to an abrupt end on March 18, 2026, when he resigned immediately, citing 'certain happenings and practices' observed over the previous two years, while clarifying that no other significant factors were involved. Following his departure, Keki Mistry was appointed as interim chairman, highlighting governance issues within the banking sector.

In addition to his administrative and corporate roles, Chakraborty has made valuable contributions to academic and policy discussions, serving as a visiting fellow at prestigious institutions such as Harvard’s Mittal South Asia Institute and the University of California San Diego’s Center for Global Transformation, where he shared his expertise on economic policy and privatisation.