HDFC Bank Launches Probe into Chairman's Resignation

HDFC Bank, India's second-largest private lender, has launched an independent investigation into the abrupt resignation of its part-time chairman and independent director, Atanu Chakraborty, who stepped down on March 18, 2026, citing unspecified practices within the bank that conflicted with his personal values and ethics.

Chakraborty, a former senior bureaucrat who joined the bank's board in May 2021, tendered his resignation with immediate effect during a board meeting in Mumbai. In his letter to the chairman of the governance, nomination, and remuneration committee, he stated, "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." The bank noted in a regulatory filing that Chakraborty provided no specific details despite repeated requests from board members to elaborate. This marked the first mid-term exit of a part-time chairman in the bank's history, raising questions about internal dynamics.

In response, the bank's board met on March 23 and approved the appointment of domestic law firms Trilegal and Wadia Ghandy & Co., along with an international firm, to review the matters...