Banking
'Not aligned with my values': HDFC Bank chairman Atanu Chakraborty resigns citing ethical concerns
Mumbai/IBNS: Atanu Chakraborty, part-time chairman and independent director of HDFC Bank, resigned with immediate effect on Thursday, citing ethical concerns, media reports said.
In his resignation letter, Chakraborty said he was not aligned with certain decisions taken by the bank over the past two years.
“Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision,” he wrote, as quoted by NDTV.
“I confirm that there are no other material reasons for my resignation other than those stated above,” he added.
Reflecting on his tenure, Chakraborty said the period saw major developments, including the merger of the bank with HDFC Ltd, which created a financial conglomerate and made HDFC Bank the second-largest bank in the country.
He noted, however, that the full benefits of the merger are yet to be realised.
Following his exit, the Reserve Bank of India has approved the appointment of Keki Mistry as the interim part-time chairman of HDFC Bank for a period of three months from March 19.
Mistry previously served as vice-chairman of HDFC Ltd before its merger with the bank.
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