THE CHAIRMAN of India’s biggest private bank has stepped down, the lender said in a stock exchange filing on Wednesday. His resignation letter cited differences in “personal values and ethics”.
Atanu Chakraborty did not give further details while stepping down from HDFC Bank, India’s largest private-sector lender by assets and the second-largest Indian company by market capitalisation.
“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,” wrote Chakraborty, whose term was set to end in May 2027.
“This is the basis of my aforementioned decision,” he wrote.
Chakraborty was first appointed in May 2021 for three years and was named to a second term in May 2024.
His tenure coincided with HDFC Bank’s merger with its parent company, a mortgage lender, in 2023 to form a financial entity.
Chakraborty said in his resignation letter that while the initiative was “strategic”, the “benefits of the merger are yet to fully fructify”.
HDFC Bank said that following Chakraborty’s exit, it had received approval from India’s central bank to appoint Keki Mistry as interim chairman for three months.
