HDFC Bank has appointed external law firms to independently examine the issues highlighted in the resignation letter by Atanu Chakraborty as part of a proactive step to ensure an objective and fact-based assessment.
The bank's spokesperson said the appointment of external law firms is a proactive measure taken by the bank to independently look at the aspects mentioned in the letter so as to ensure an objective and fact-based assessment.
This step is aimed at constantly benchmarking against the highest governance standards that the bank has practiced over decades, the spokesperson added.
2 March 2026
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It is to be noted that Atanu Chakraborty abruptly resigned as chairman of the country's second biggest lender HDFC Bank citing ethical concerns effective March 18.
This is the first time that the part-time chairman of HDFC Bank left mid-way raising concerns over its functioning.
"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 said in his resignation letter dated March 17.
In a letter addressed to Chairman of Governance, Nomination, Remuneration Committee H K Bhanwala, Chakraborty said that "there are no other material reasons for my resignation other than those stated above." It is to be noted that Chakraborty was appointed part-time chairman effective May 5, 2021 almost a year after retirement as Economic Affairs Secretary.
His term was extended for another three years in 2024 till May 4, 2027.
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of the Department of Investment and Public Asset Management (DIPAM). Both departments come under the Finance Ministry.
Chakraborty became chairman during the reverse merger process of the bank with the parent entity HDFC Ltd, a leading mortgage firm in the country.
The merger of HDFC Ltd. with HDFC Bank became effective on July 1, 2023, creating a financial behemoth with a combined balance sheet of over ₹18 lakh crore.
