What Led to Atanu Chakraborty's Sudden Resignation from HDFC Bank?

In a surprising development, Atanu Chakraborty has resigned as chairman of HDFC Bank, citing ethical concerns that conflict with his personal values. This unprecedented move raises questions about the bank's internal practices and governance. Following his resignation, Keki Mistry has been appointed as the interim chairman. Chakraborty, who joined the board in May 2021, oversaw significant events, including the merger with HDFC Ltd, which created a financial powerhouse. His departure marks a pivotal moment for the bank as it navigates future challenges. Read on to explore the details behind this leadership change and its potential impact on HDFC Bank.

By Narendra Chaudhary Mar 19, 2026, 12:49 IST

Atanu Chakraborty Steps Down as HDFC Bank Chairman

In a surprising turn of events, Atanu Chakraborty has resigned from his position as chairman of HDFC Bank, the nation's second-largest lender, citing ethical concerns as the reason for his departure.

This marks the first instance of a part-time chairman leaving the bank before the completion of their term, raising questions about the institution's internal operations.

In his resignation letter dated March 17, Chakraborty expressed, "Certain occurrences and practices within the bank that I have observed over the last two years do not align with my personal values and ethics. This is the basis of my aforementioned decision."

He addressed his resignation to H K Bhanwala, the Chairman of the Governance, Nomination, and Remuneration Committee, clarifying that there were no other significant reasons for his resignation aside from those mentioned.

HDFC Bank confirmed in a late evening filing that Chakraborty submitted his resignation on March 18, 2026, effective immediately.

The bank noted that although the resignation letter was dated March 17, it was officially received on March 18 at 15:17 hours (IST).

Additionally, the Reserve Bank of India has approved the appointment of Keki Mistry as the interim part-time chairman of HDFC Bank, effective March 19, 2026, for a duration of three months.

Chakraborty had been appointed as part-time chairman on May 5, 2021, nearly a year after retiring from his role as Economic Affairs Secretary.

His term was extended for an additional three years in 2024, set to last until May 4, 2027.

A 1985 batch IAS officer from the Gujarat cadre, Chakraborty retired as Secretary of the Department of Economic Affairs in April 2020. He previously served as Secretary of the Department of Investment and Public Asset Management (DIPAM), both of which fall under the Finance Ministry.

Chakraborty took on the role of chairman during the significant reverse merger of HDFC Bank with its parent company, HDFC Ltd, a prominent mortgage firm in India.

This merger, which became effective on July 1, 2023, resulted in the creation of a financial giant with a combined balance sheet exceeding Rs 18 lakh crore.

In his resignation letter, he reflected on his tenure, stating, "I joined the Board of HDFC Bank in May 2021. My time on the Board witnessed significant events, including the merger with HDFC Ltd, which established a conglomerate under the bank. Although the benefits of the merger are yet to be fully realized."

Chakraborty expressed gratitude towards the independent and non-executive directors for their dedication and emphasized the vibrant energy present within the organization's middle and junior levels, which he believes should be central to a reimagined institution.